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There Is Nothing Short about a Short Sale

Guest post by: Bud Gragg

Article Overview: Think about it. Mortgage lenders currently have an inventory of 1.1 million foreclosed homes. Then there are all the homeowners who just want to sell because they've found something else, they're moving to take a different job, or they've realized that paying interest on a mortgage is a waste of money when they can rent for half the price.

There Is Nothing Short about a Short Sale

You may think that a short sale is about selling your house in the shortest possible amount of time. But, when it comes to time, there's nothing short about a short sale!

Think about it. Mortgage lenders currently have an inventory of 1.1 million foreclosed homes. Then there are all the homeowners who just want to sell because they've found something else, they're moving to take a different job, or they've realized that paying interest on a mortgage is a waste of money when they can rent for half the price.

That means that when you go into a short sale process you may be able to live in your home, payment-free, for as long as a year. At the very least, negotiating a short sale is a great way to prolong things before you foreclose!

When you do a short sale, your mortgage lender agrees to accept the amount your house sells for instead of the amount you owe on your mortgage. With the way property values have dropped with the real estate crash, this is a solid way to get out of having to pay more for your house than it's worth.

The first thing you need to do if you're going the short sale option is to choose a Realtor to take care of the process for you. Unfortunately, not all Realtors are created equal, and finding one who can truly navigate a short sale is in your best interest. It's up to you and your Realtor to determine what your house is worth and to list it for that amount. Going with your own Realtor gives you some power in the situation. Your Realtor may even be able to arrange to sell your house to someone who will rent it to you for far less than you're paying now!

Think that's impossible? It's not—in fact, Kristin and I did that very thing!

Granted, the short sale process can be about as grinding as any other time you're selling a house. You have to keep it in viewing-ready condition, for example, and you may want to put in some sweat equity in the form of painting a few rooms or replacing that one bathroom fixture in order to get it sold.

On the other hand, though, a short sale is a great reason to go through all of that stuff you've collected to decide what you really need! Have a garage sale, and donate the rest to charity. Kristin and I did those things, and in the process, we were able to redefine our relationship with material things.

Our marriage is the stronger for the experience.

So, no, there's nothing short about a short sale. It takes time to negotiate the sale with your lender, you have to get your house up to magazine-spread levels of tidy, and you're going to want to do the work to list it yourself if you want to speed up the process a bit.

On the other hand, you'll be able to live in your house payment free and start making plans for your future. You'll have a tailor-made excuse to do the de-cluttering you've been meaning to get around to anyway.

And when your short sale is over, you could well be totally free of the burden of mortgage payments. That's enough reason to go through the inconvenience of a short sale!

Feel free to contact us and we’ll help you find a professional, certified Realtor who is experienced in short sales in your area.

Related Articles
  Home Short Sales: What They Are, How They Can Help
  A Stroll through the Short Sale Process
  Short Sales 101: What You Need to Know
  Looking for a Simple Short Sale Definition? Here It Is!
  How to Do a Short Sale and Why
  What to Do before You Try a Home Short Sale
  How to do a Short Sale on Your Underwater Mortgage and Avoid Foreclosure
  What to Do before Foreclosing on or Short Selling Your Underwater Mortgage
  How Long Can I Stay in My House and Other Underwater Mortgage Questions Answered
  Underwater Mortgage Solutions: What Is a Short Sale?
  Short Sale Training Boot Camp for the Underwater Mortgage Homeowner
  There is Life After a Short Sale or a Foreclosure!
  Dealing with the Bank on Your Underwater Mortgage Short Sale
  The Best Information Comes From Short Questions
  Save Our Home: Mortgage Help for Struggling Homeowners
  Keep it Short
  Buy Low, Sell High
  Selling on Price
  The Most Common Underwater Mortgage Mistakes-And How to Avoid Them
  Small Business Cashflow Crisis? Have a Sale!

Article Tags: bank short sale, home short sales, house short sale, how to do a short sale, how to short sale, mortgage short sale, short sale, short sale definition, short sale foreclosure, short sale help, short sale information, short sale process, short sale training, what is short sale
Referred by: http://www.meetkarennewman.com/



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