Answers About Short Sales for Athens, Ga Home Sellers

 Michelle DeRepentigny, Broker of Success Realty answers your Athens, Georgia real estate questions




As the housing market in Athens, GA continues to be stagnant with it taking more time for fewer homes to be sold, we are getting a lot of questions about "short sales". Over the next few weeks, I am going to attempt to answer some of the real estate short sale questions I am getting asked frequently.  

Do I have to get an approval from my lender to offer my house as a short sale?
The short answer is no.  Because every contract offering you may receive from a potential purchaser is going to be different, there is no such thing as an "approved short sale".  However, there are many things you can do to get the ball rolling.  Your real estate short sale specialist should be collecting the paperwork necessary to submit with an offer  including a form that authorizes your mortgage company to discuss your situation with the real estate broker (often called a third party authorization), providing you with the financial worksheet which will document your hardship situation, and advising what other documentation is going to be required.  

Do I have to be behind on my mortgage payments in order to short sale my home?
Again the short answer is no.  Your short sale may not get priority processing, as it may be placed behind homes that are in foreclosure or moratorium (forbearance) status; however most major lender will consider a short sale where there is documented hardship and declining market situations.  It is desirable for the lender to not have your property go into foreclosure which will reflect an even greater loss for them.

When should I consider a "short sale"?  
When you have or anticipate a hardship situation that will cause you to be insolvent (when your monthly expenses exceed your monthly income) and/or your home is worth less than you owe.  In order to avoid foreclosure it is critical that you not wait to late to begin the short sale process.

If you need immediate assistance and answers to your short sale questions, please feel free to ask your questions in the comments below or contact me now privately, otherwise I will continue to answer questions as they come in.

Michelle DeRepentigny, Broker of Success Realty - successful short sale negoiator



Posted by Michelle DeRepentigny at 10/13/2009 11:47 PM
Categories: Foreclosure Prevention, Short Sales, Selling Your Home
Tags: short sale foreclosure prevention avoid foreclosure
 

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