Delaware Junk Removal - Hauling Clean Out Service Home Or Business: Wilmington Delaware Short Sale Realtor Tips For Homeowners

Wilmington Delaware Short Sale Realtor Tips For Homeowners

Wilmington Delaware Short Sale Realtor Tips For Homeowners

What is a short sale?

A short sale is a process where the property owners ask the lender or mortgage holder to reduce the amount owed to them in order to sell a property they own.  Many property owners are "upside down" and owe more than their home is worth.

Should I try a short sale of my property?

Every situation is different and you should consult a attorney and tax accountant for legal advice.  Many people are left with the choice of foreclosure or short sale and find a short sale being the better choice  to preserve credit and a chance to exit the property without owing a lot of money or any money at settlement.

What is the best way to move forward with a short sale?

If you have decided to try the short sale route you will need to list the home with a Realtor who has experience in short sales.  My team has successfully closed over 200 homes in the last year for property owners.  The BIGGEST mistake you can make is not having the right team in place to help you through the process.

Wilmington Delaware Short Sale

How long with the process take?

After the home is listed and a buyer makes a offer on the property the paperwork will be sent to the mortgage holder.  You should expect a minimum of 45 days for the lender/3rd party to process the paperwork for approval.

Will a short sale stop foreclosure?

In a word, No.  Lenders may still go forward with foreclosure but they may also postpone the sheriff sale if it is in THEIR best interest.  Lenders want to get the most money from the property, if the short sale does this for them they may be more willing to work with you.

When will I know the best time to start the process?

I speak with people everyday who ask this question.  The best answer is to call me to discuss you current situation.  You may have more or less time than you think so taking steps now may be the best course of action.  Call me today on my personal line and I will help in any way I can.  302-530-9186

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Comments

Larry * I am now getting rental prospect calls from people who are THINKING about a short-sale for their current home.  I say if they are THINKING about this step, they need to be talking to a real estate agent who knows what they are doing!!!

Great post!  Thanks,  XOXOXOXO

 

Posted by Wallace S. Gibson, CPM, LandlordWhisperer (Gibson Management Group, Ltd.) over 7 years ago

Thanks Wallace thats a great reasourse I didnt think of right away!

Posted by Delaware Junk Removal Residential And Commercial Hauling Clean Outs, Whole House Clean Outs, Basements, Garages, Attics (Delaware Junk Removal 302-530-9186) over 7 years ago

Larry: Informative post for those who are not quite sure what a short sale is.  I am working with a buyer now who has a lot of questions about short sale properties.  But, I think what's key, which you mentioned, is, just like with foreclosures, every situation is different.  Short sales shouldn't be viewed as a normal transaction and with that, expect anything.  I've found that it comes down to managing expectations, especially when you don't know what to expect.

Posted by Donna Yates, Blue Ridge Mountains (BHGRE - Metro Brokers) over 7 years ago

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