Avoiding foreclosure and doing a short sales brings up a lot of questions. It is always nice to have local media give out the correct information. Well, on Sunday, April 17 The Record of Bergen County did it again! The headline: “Short Sales come with long waits” which I am sure invigorates a lot of people…NOT!
The truth is not as complicated as it seems and this newspaper continues to publish poorly documented information. To avoid foreclosure in Bergen County or anywhere, an option is a short sale. Simply put, a short sale occurs when your house is worth less than your loan/mortgage amount, you have a hardship and are having difficulty if you are paying the mortgage at all. The bank is asked to accept less than the mortgage amount as a final payoff, hence short sale. Another fact that is rarely explained properly is the many possibilities of how this can affect a credit score of the person short selling the home. It may not be a credit score nightmare.
First off, short sales stink for real estate agents. They require much time and much more effort. This article pointed out a real; estate agent that actually will “dissuade” her buyers from looking at short sales. The process can be long and tedious, no question, but for an agent to actually say this is inexcusable. What this article doesn’t tell you or suggest to you is that there are trained agents that are actually certified in short sales in our communities. Yes, that’s right, trained and certified.
There are several designations out there, one is a Certified Distressed Property Expert CDPE(I have that)and the Short Sale and Foreclosure Resource Certification –SFR (A National Association of Realtor designation) .
Avoiding foreclosure and deciding to sell a home short is a very important decision. Should you love your home and can afford it, don’t sell it. Macro Markets forecasts that within a few years, there will actually be some appreciation. (This information is discussed at our monthly town hall Bergen County real estate market meetings). If one is in a situation where they need information, you need to talk to a certified professional and not just any real estate agent. Our company’s agents are certified and are available for a no obligation consultation. Selling a home short can take a long time, but you have a better shot at coming out of this faster and in better shape using someone who actually does this work and is certified!
To find out about the myths of short sales, click here.
No comments:
Post a Comment