Short Sale, A Great Option!
I have talked to many home owners who are late on their mortgage payments, who are struggling to pay even their everyday expenses. Some have not paid their mortgage in over 6 months. Unfortunately, this is happening more often these days. My advice is, of course, try to modify your loan and save your home. Homeowners have to qualify for the modified loan plan. What if they can’t? What if they can’t even make the mortgage payments on the new lower interest rate? So, why not try to short sale the house? Lenders are becoming more understanding of the short sale situations. They are easier to deal with and get an approval on a short sale. Homeowners will have less effect on their credit score if they do a short sale rather than go through bankruptcy or foreclosure. A realtor will be able to assist homeowners with the short sale process.
Good Luck!
Shokoofeh Nowbakht, Realtor
Prudential California Realty
www.shokoo.com
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3 Responses to “Short Sale, A Great Option!”
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Shokoofeh,
Short Sales can work for people in certain situations and of course, they should do due dilligence and seek thier tax and legal advisors advice.
Brian
A seller needs to consider all options and the more information they have the better off they are.
I recently have become very interested in listing short sales and took the seminar conducted by Mark Paul at the campuss in Pleasanton. I’m planning on taking the Short Sale Certification course in mid February. It appears that while short sale listings can be very lucrative they do require some specialized training. My number one question (which I’m still looking for a definitive answer)is how do you qualify a potential listing to see if it’s worth the time and effort.