If you are reading this latest blog, you may be considering what to do about your house payment this month or thinking about the letter that you got from your lender last month stateing that you may be foreclosed on and to contact them right away to make arrangements to catch up on your house payments.....If this or something similar is your situation, please read this and think about this option.
In most states a home can be foreclosed on if a homeowner has not made a payment in 30 days...In Texas the time frame is about the same, but it takes several weeks and sometimes months to actually have to move out of the home. Right now, Banks are so behind that they cannot physically handle everything, so letters may be late reaching the homeowner and buy a little more time.
In Texas a homeowner must have missed several payments AND have tried to sell the home before a bank will put the property in a SHORT SALE program. Listen up....the homeowner actually has to have sent the bank the property information and ask for this program before it will be granted.
The biggest problem is that most owners do not know the first thing about what to do next....and frankly many agents, in fact most agents do not have experience with this either........Not that the agent doesn't know real estate practice, but this is a new area for many newer agents who have not experienced the "downs" that real estate can have.
85% of Agents do not know what to do..........and 50 per cent of those don't want to handle a Short Sale because of the intense work to get them closed! The agent must have a system in place and know what to do next at each step of the way.
"DiAnne told us that we might qualify for a Short Sale. We did not know what she was talking about."
Cynthia, Fort Worth, Texas
When I visit with a seller and they tell me they need to sell right away I immediately ask what the rush to sell is. If they say the house is more than they can handle financially, I know that I must ask some uncomfortable questions and show them that I have empathy and good experience to help them get through this rough time.
Can Any Agent Do a Short Sale?
Well Yes....however, is a beginning driver as safe as an EXPERIENCED DRIVER?
This homeowner moved out of state and I have continued the Short Sale process without her worrying about the home. She arranged to keep the yard up so the home would attract a buyer.Currently, the term Short Sale should be changed to "Long Sale" because there is nothing short about it.
The banks call the shots, but experienced Short Sale agents know how to move things along. If the agent is unaware of a few secrets of the situation, the bank will not act....and the deal can be lost.
To find out more about banks and short sales, please contact me via email or give me a call.
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