I came across this Blog from an agent
in Georgia that has some good advise.
Posted on Trulia.
By Rhonda Duffy | Agent in Atlanta, GA
Warning Signs That You Need to do a Short Sale
Posted under: Home Buying, Home Selling, Foreclosure | November 15, 2011 10:25 AM | 6 views | No comments
ning Signs That You Need To Do A Short Sale
If you are experiencing a period of time where you can’t pay your mortgage payment or you are short but are sending in your payments, you may need to do a short sale. After a couple of months of non-payment or short pay, you will find that the penalties accumulate to a point of no return as expressed by many homeowners in your same situation.
Other signs include that you regret the purchase of the property and feel that the property will never be the same value that you paid for it. Some homeowners state that they feel the need to sell when their neighbors start doing short sales and they see foreclosures. Some neighborhoods have been 90% short sale and foreclosures leaving the few homeowners that don’t want to short sale or foreclose feeling no relief.
Some homeowners can forecast that they will have to short sale or foreclose when they loose their job, get a divorce or experience a loss of an immediate family member. Others have renters move out after months of non-payment and they just can’t recover. Some homeowners are not even behind in their mortgage payment when they decide to pursue a short sale and some banks are okay with that and appreciate that the anticipation will save the bank and the homeowner headaches and unnecessary costs.
The solution is to actively find a buyer for the property and present both the buyer and your situation to your lender. An active short sale agent that is a short sale expert can help you greatly when the goal is to remove the property and the debt from your name. The key to a short sale is to act quickly, precisely and keep your eye on the prize as you patiently wait for everything to fall into place.
For more information on short sales,
Please give me a call
John Hanson. 408-281-8383