ITS POSSIBLE TO ESCAPE A FORECLOSURE
WITH A SHORT SALE - YOU STILL HAVE OPTIONS
Short Sells are becoming quite popular. At TriWest, Realtors, we have helped Clients avoid Foreclosure with a Short Sale. If you owe more than your house is worth and cannot afford your payments, you might be able to sell it for less than you owe without having to pay the lender the difference. Sounds good?, We think so!
At TriWest, Realtors we believe that there is an solution to everything so don't get discouraged -- we might be able to help you.
Just exactly what is a short sell?
A short sale in real-estate terms is the sale of a house for less than what is owed on it. If the lender agrees to a short sale, the rest of the homeowner's debt typically is forgiven. Many times a lender will agree to the procedure in order to take a small loss and avoid the lengthy and costly foreclosure process. While there are some significant negative consequences to a short sale an ever-increasing number of properties are being advertised with that label.
A Win-win-win- situation? The beauty of short sales is that they can be a win-win-win situation for the seller, buyer and the lender. Here is how:'
- The seller is relieved of the mortgage and avoids bankruptcy.
- The buyer purchases the home at a reduced price.
- The lender agrees to their loss and considers himself lucky to have avoided foreclosure and be saddled with a property he cannot sell.
It may seem surprising that the lender would accept less than what is owed on the home but in the long run, they benefit too. They don't have to go thru the process of protraced process of foreclosing on the borrower therefore eliminating the entire marketing process. The market saturated foreclosures can cost lenders as much as $50,000 per foreclosure according to the Congressional Joint Economic Committee.
IS IT POSSIBLE TO COME OUT WITH SOME CASH?
It can happen depending on the circumstances and the negotiation process. The first thing you need to do is contact a Real Estate Broker that has experience in Short Sells and ia skilled communicator. Needless to say that having a broker with strong Negotiation skills and experience can be the difference in a "NO" or"YES".