How to sell your home in a short sale, A viable solution for property with no equity!

What is a Short Sale transaction and how is it beneficial?

I am here to help! In today's modern fast paced world, it's easy for homeowners to get "upside-down" or into an "equity-deficient" position where they owe more on their mortgage than their home is worth. With rising interest rates, high loan-to-value ratios, higher energy costs, or higher unemployment ratios in certain geographic areas of the country, homeowners can easily find themselves in a tight situation where making a mortgage payment can get harder and harder each month. This situation can end up being a downward financial spiral, yet there are qualified professionals to offer insight and sound resolution practices. After two to three months of missed mortgage payments, the mortgage lender will record a written notice in the county where the property is located, which alerts the homeowner to the beginning stages of the foreclosure process. This recorded notice, whether a "notice of default", "notice of trustee's sale", "intent to sell" or similar, reveals to the world that the homeowner is having trouble making the required payments toward contractual agreement of the mortgage note(s). At this stage, the homeowner is now officially in "pre-foreclosure".

Unfortunately, one-half of these homeowners ever even contact their lender in an effort to resolve their situation. This "do-nothing" mentality is a costly mistake that damages both consumer credit scores and borrower personal integrity. A "foreclosure" status on a credit report is far worse than a bankruptcy. Homeowners can simply avoid "foreclosure" by listing the equity-deficient property for sale with a qualified professional. YES! Homes with no equity can be sold on the market! The key is to find a real estate broker or agent who is trained specifically on how to negotiate short sales with the mortgage lenders. Pre-foreclosure situations can be cleaned up quickly if you take action. Foreclosure can be avoided, but you must be willing to take proactive steps to correct and resolve the situation.

A real estate short sale transaction allows you to sell your home on the market - even if you don't have equity. The definition of equity is: A net financial interest in property ownership. You'll need a professional real estate broker/agent, like myself, who is specifically trained to perform a short sale, because your broker/agent will be negotiating, for your benefit, a discount of the total balance due of your mortgage note with your lender.

This is a great solution for many homeowners because it allows them to get out from under the debt, walk away with head held high, and save credit scores from incredible damage of a "foreclosure" rating.

This is another reason for you to use a qualified, professional short sale specialist broker/agent in your market. This broker/agent will be negotiating your best interest with the lender on your final tax-associated details and others. Your broker/agent will be able to request the lender NOT give you a 1099, but nothing is guaranteed. It is up to each individual lender whether to accept or deny requests to avoid a tax payer liability.

How to find a Short Sale Real Estate Broker / Agent

If you are reading this blog on short sales transactions, chances are you are in a "short sale" situation. Contact me to request a listing appointment to go over the details. I will be able to help you sell your equity-deficient home. I am qualified/certified in short sale real estate transactions. Go to my web site: http://www.sandybliven.com/

What information you need to provide to me your real estate broker/agent

When you meet with me, you will be given a list of documents to prepare for the visit. These documents will allow me to communicate with your lender on your behalf and submit the necessary documents for negotiation of a short sale. You will have to work quickly to get these documents, usually within 48 hours after your listing meeting with me.

This is why short sales create winning situations for all parties involved:

•· the bank wins by avoiding the costly expense of a foreclosure proceeding;

•· you, the seller, win by selling your equity-deficient home and avoiding a foreclosure

•· the agent/broker wins by getting a commission from the proceeds

•· the buyer wins by buying a property with instant equity.

Why it's important to act now - don't delay

If you have a notice of default (NOD), time is ticking. Each state is different, but in general you have only a few months to negotiate a short sale transaction. The first thing to do is make an appointment with a Short Sale Specialist/Real Estate Agent, Sandy BLiven. The next thing to do is heed the advice of the Short Sale Professional and gather together the necessary documents. As your agent I will inform you of the specific foreclosure process in your state and make sure the sale completes itself within the designated time frame. If you delay, you waste vital time the property could be listed for sale and diminish the short sale review timeline your lender needs to approve your short sale offer. I am a licensed real estate professional specializing in short sale transactions and I will bear the brunt of negotiating a short sale transaction in your favor! A short sale will allow you to leave your property with dignity and protect your credit score from major, long-term damage.

When you work with me, I work for you, from the initial meeting, during the transaction, after the transaction long after the closing. I am part of a Networking Team of local service providers, who care about you!

If you have questions about 1031 Exchanges or if you are able to refinance, call Ann Sabbagh, at Seacoast Mortgage 508-243-1190

We believe in "One Stop Shopping" call me today! I can help!