Short sales a wonderful, wonderful thing...it saves the homeowner from the ravages of foreclosure...it gives the patient buyer a terrific home at a below market price...for the listing agent...it is a challenging but extremely rewarding transaction....when it all comes together and you know that you helped both the buyer and the seller....and did something for the real estate market in helping to reduce the inventory and not bring down home prices further with a possible foreclosure.
Some potential short sale sellers have a mistaken idea of what a short sale can do...or should do. A short sale seller must first of all be qualified....for reason of hardship they are forced to ask the lender or lenders to release them from the indebtedness of their mortgage and home equity etc. The ETC does not include every debt on earth...the credit cards that have mounted, the loan from Aunt Sophie, the medical bills, the list goes on....A short sale does not and cannot forgive every debt.
If you are unable to pay your mortgage....talk with a short sale expert...someone who has been trained in short sales...A CDPE (Certified Distressed Property Expert) can help you determine if a short sale is the best remedy. A good realtor will recommend that you discuss your options with an attorney...Realtors cannot and should not dispense legal advice. Be honest....tell the realtor about your financial situation, the debts you owe and your prospects for financial recovery. The future you save in terms of credit and finance will be your own.
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
