Thursday, March 4, 2010
Short Sale Specialist
I proudly received my certification of completion of short sales training, making me a "Short Sale Specialist". In the real estate industry Short Sales are notorious for being a long drawn out processes in which both seller and buyer are required to be patient, cooperative, and live in uncertainty until completion of sale.
Pros For Seller: On a primary residence, a short sale should only last for about 3-4 years on the credit history, vs. seven years with a foreclosure. Emotional benefits of seller selling home, vs. the feelings of losing a home or being evicted.
Pros For The Buyer: May get a great deal on a home, but will general take longer than a "regular sale" because the banks, not the home owners, will ultimately need to approve the sale.
What qualifies as a short sale? The bank will have to approve a short sale because they are losing the money they lent to the home owners. I have heard that the home owner must prove hardship in order for the bank to accept less than the full amount owed to bank/lender.
If you want to know more about the short sale process because you have a home that you can't sell for more than what is owed (upside down) and have a financial hardship, then contact us. There is a window of opportunity between delinquent payments and the time the lender takes back the home. During this window of time a short sale may be beneficial to you and your lender.
Check out Realtor Oliver Indra's site: http://www.oliverindra.com or contact OLIVER@prusd.com, or call: 760 805 9336.