There are many reasons that people have to sell their homes in an imperfect real estate market…loss of a job(s), job transfer, new employment, divorce, death, marriage. With the current state of the real estate market, many sellers are “upside-down” in their mortgages, meaning that they owe more on their mortgage than their home is currently worth on the market. If this is the position in which you find yourself, you are far from alone! Many of your neighbors are in exactly the same position; you just don’t know it! Not everyone can wait for the proverbial “market to come back”; life intervenes! You can release the chains that bind you to your depreciated home in numerous ways, as set forth in Marcie Geffner’s article for Bankrate.com, 3 ways to dump your house. Your best alternative is often a short sale, a type of transaction about which Betsy and I have considerable knowledge and experience.
If you are faced with the situation of having to sell your home under a less-than-desirable scenario, Betsy and I are more than prepared to advise and assist you, and in our opinion one of your best options is to opt to attempt a short sale. A short sale is when you request of your investor (the bank) and your investor agrees to accept less for the sale of your home than you owe on your mortgage. Although there are short-sale horror stories out there, Betsy and I both carry the designation of Certified Short Sale and Foreclosure Resource (SFR), and because of our knowledge and experience, short sales do not have to be a long-term exercise in frustration. Many investors have improved their short sale procedures immensely over the past year, speeding the process considerably. In fact, Betsy’s and my short sale transactions have been smooth and have taken no more than a couple of months from initial offer to closing. Also, more and more investors are willing to include a non-deficiency clause in their short sale approvals (and you want to request one!), meaning that the investor agrees via a clause in your short sale approval to never pursue you for the monetary shortage that occurs when a short sale transaction takes place.
There are ways to set yourself free from a home which has lost value. Although Betsy and I suggest attempting approval of a short sale from your lender as your first course of action, read Marcie Geffner’s article for Bankrate.com, 3 ways to dump your house, for some insight into not only the short sale option, but a couple of others as well. If you ever need advice regarding the re-sale value of your home and options for selling your home, feel free to check out our website, atkinson-thompson.com, which contains our contact information. We’d be delighted to assist you!
We’re here to advise and help~ Rosemary