subject: An Experienced Guide Towards Short Sales [print this page] Any kind of short sale is a transaction that happens when there is a loan against a particular property and that loan is greater in amount that what the property value is worth. In simple words, it means, if the loan is more than the amount that the property can be sold for, then the transaction that can be done on the property is known as the short sale. It is one of the safest ways for any home owners who wish to avoid the foreclosure on their properties. With the help of the short sales, the home owners can pay off their loan amount as per the settlement with the lender.
Some of the advantages of short sales for the sellers are as follows:
The seller is in total control of the sale of the property. The bank just requires approving of the sales. Secondly, the seller has complete information about the buyer of the property. Thirdly, the seller can avoid the social stigma of foreclosure with such short selling of his property. Fourthly, the short sale is handled like any other kind of property sale. And finally, the seller can avoid the mortgage liability without even facing the dreadful bankruptcy.
Some of the disadvantages of the short sales are:
It can lower the credit score of the home owner by as much as up to 200 points. This score can be overcome quickly in comparison to a foreclosure. If the home owner has one or more credit cards that are current in working terms, then the credit scores can be overcome quiet fast.
Although the process is quite complicated and it might take longer than anyone would like to wait for the process to complete. Thus it is always recommended for a home owner to get in touch with the short sale specialists or the short sale realtors if they feel they are about to get into problems regarding their property foreclosure.
There are also the cdpe agents too who can help the home owners regarding the short sales. The realtors can also help the home owners by negotiating with the lenders for a lower pay off amount so that the price of the home is placed below the competition amount and get it sold. He can also help the home owners in contacting with the buyers and supervise the entire short sales process.
While selecting a short sale agent, make sure to ask them about their strategy regarding the settlement of price of the property. Also request them for a reference list of previous clients so that you can verify the background and also find out whether the past clients were satisfied with the process undertaken by the real estate agent. If you find the testimonials satisfactory, you can opt for the agent for short selling your property to avoid foreclosure of your home. There are many such short sale specialist firms available and you can start your search via online and also ask for reference from family and friends.
