Preventing foreclosure can be a stressful experience. Sharon is a certified distressed property expert. Her experience has granted her the ability to help relieve the uncertainty of your position. Our objective is to guide you through this difficult time and help you out of your current situation.
If you are facing a long term hardship, are behind with your mortgage payments, or the value of your home is less than your borrowed balance, deciding to start the short sale process may be the best option for you.
It may be in your best interest to reach out to an experienced real estate professional before starting the process with your bank. Often times, the homeowner will contact the bank first and will receive an abundance of information that will complicate the process. Financial institutions are overloaded with work, and will often send homeowners in circles. This will inevitably lead to a delay in the process. Time is of the essence, and every day counts. We cannot stress enough the importance of working with an agent who is qualified to take on these types of transactions and provide you with the best guidance.
For more information about starting a short sale and the requirements to receive approval from your bank click the link below:Short Sale Information
When you are attempting to purchase a home with short sale terms, it is crucial to prepare yourself for this type of transaction. Often, the potential buyers are not fully aware of the processes that will need to take place in order to complete the transaction. It takes a very patient buyer, with a negotiable closing time frame, to have the flexibility to abide by these terms. Before placing an offer on a short sale property, it is important to know what to expect.
Every short sale transaction is unique. This means that it is almost impossible to give you a structured timeline of when you will be able to close on the property. Unfortunately, we are always at the mercy of the bank. With that said, please understand these types of transactions will take substantially longer than a traditional transaction. In the early stages of the transaction, you may mutually agree on terms with the seller, but that does not guarantee the bank will agree to the presented terms. In addition, the buyers will also be asked to purchase the home in "As-Is" condition. Therefore, we will not have the right to ask for any credits or repairs to be done to the property.
If you would like to speak to Sharon directly about your situation, please give us a call today at 630-307-2760!