A “short sale” is a popular method of helping struggling homeowners avoid foreclosure. If the homeowner’s lending company approves, they may sell their home for less than the payoff on the loan, with all proceeds going directly to the bank. This process gives a homeowner the ability to avoid the detrimental effects that a foreclosure can have on their credit by keeping the home out of foreclosure. For the homeowner, it is practically always a better option to use a short sale option than to default on the payments and let the home fall into foreclosure. Hiring an expert for the transaction makes the process much less of a stressful burden than it could be if attempted alone.
When trying to utilize a short sale, it is always in the homeowner’s best interests to use a specialist. A short sale specialist is experienced in dealing with lenders and since the homeowner’s lender must agree to a short sale, the specialist can handle the negotiations and often get better rates than the homeowner alone could. Often, real estate companies or investors use a short sale specialist to find drastically discounted properties they can purchase. Using a specialist could put the homeowner into contact with these prospective buyers much quicker than would be possible otherwise.
While the actual home sale itself is treated much like a typical real estate transaction, the process involves numerous complexities that could overwhelm the homeowner. Using an expert ensures that the process is handled properly and efficiently. In addition to their ability at convincing the homeowner’s lender to agree to a short sale, these specialists offer a number of additional benefits. They can list the house quickly, at a price sure to motivate a buyer. They can also negotiate much better sale terms with the bank, possibly even awarding the homeowner with a payment in full judgment.
It is almost always in the best interest of the homeowner to avoid foreclosure but the homeowner should always contact a real estate lawyer or qualified CPA. The damage done to their financial stability can be irreparable. A short sale is an excellent way to avoid the dreaded f-word. But the risks of trying to enter into an agreement with a lender without hiring a professional are vast. The process can take some time and become very complicated to an untrained individual. The best way for a homeowner to ensure that they’re treated fairly and get the quickest result possible is to rely on a trained short sale specialist..