Are you facing the potential of a short sale as a result of the current economic client? The longer you wait, the more unnecessary stress you endure and the worse the situation becomes. Now is the time to find a licensed real estate agent experienced in short sales. The sooner you get into contract, the better you can create a strategic plan that mitigates any further issues with your lender – or your future credit score.
We are currently in the midst of a seller’s market, but real estate experts predict the market may slow down as we make our way into 2022. So now is the time to contact a real estate agent who has a Shortsales and Foreclosure Resource (SFR) Certification to ensure you follow the lender’s short sale requirements to the letter.
In the meantime, read on to learn more about short sales and how to optimize your home’s final sales price, so you land on firmer ground.
What is a Short Sale & How Is It Done?
The “short” in short sale references that homeowners sold their home for less than they owed on the remaining mortgage balance.
It is a serious situation because, as the homebuyer and borrower, you’ve made a promise to the bank that you can’t keep – and the lenders are the ones left in the financial lurch for the difference. Even so, most lenders prefer to honor a homeowner’s short sale plans rather than let the home go into foreclosure, which further complicates things.
A home typically goes into short sale status when homeowners can no longer make their mortgage payments, and the lender is unwilling to negotiate an alternative or more forgiving payment plan. There is a specific application process required before homeowners can short sell their home, and the process is only approved when:
- The home is truly worth less than the comparable real estate market, verified by the lender’s appraiser who uses comparable sales in your area.
- The owner can prove financial hardship warranting their inability to pay the mortgage.
The bottom line is that if you’re moving forward with a short sale, you absolutely need a real estate agent to keep the process moving forward because a lender won’t work with you otherwise.
Homeowners can’t automatically list their home as a short sale. The lender must grant permission, and this requires an application process. A short sale application is far more likely to be accepted and promptly if you have a qualified, SFR-certified agent on your side.
Use an SFR Certified Agent For a Short Sale
Short sales are a specialized real estate niche. Most agents have multiple years of real estate experience under their belts before tackling short sales. It is a complicated process that requires specific paperwork and multi-step communication with lenders.
As we highlight in our post, How Our SFR Certification Gives Homeowners the Edge When Faced With the Unexpected:
This is such a sensitive time for you. The potential of losing your home and all that you’ve invested into it is just one stress on multiple layers of strain related to the situation that got you to this point in the first place. The last thing you need is to be emotionally engaged with lenders who only see black-and-white and are often hardened to the plight of struggling homeowners. At this moment in time, it’s best for your professionals to speak with their professionals to ease any tension or risks of emotional outbursts that could make them less apt to cooperate.
Working with an SFR Certified agent allows you to let go of the reigns, decompress, and know that your agent is there to support you every step of the way.
Southern Exclusive Realty Broker is Here to Assist
Tristina Hill is Southern Exclusive Realty’s founder and a real estate broker. She has helped dozens of Volusia County homeowners move swiftly through the short sale process while garnering some of the highest sales prices in the region. Tristina is an SFR-Certified real estate agent and has more than a decade of industry-recognized experience behind her.
She understands how stressful and overwhelming the short sale process can be, which is why clients appreciate her no-nonsense approach and transparent relationship with the area’s most well-known lenders giving her a leading edge.
Some of the benefits of working with Southern Exclusive Realty for your short sale include:
- Lender-approval. Lenders who see you’re working with Tristina are more likely to move your application through because they trust her expertise and reputation for getting the job done correctly and getting her clients (and, therefore, the lenders) the highest sales prices possible.
- Customized short sale packages. Real estate investors are keen to get their hands on short sales because they immediately see a “needy” client and figure they can go bottom dollar with their offers. Not so. Our customized short sale packages are professionally put together to entice traditional buyers. As a result, offers come in higher than they would under normal short sale circumstances.
- Inside connections to additional professional support. After nearly a decade in this industry, Tristina has connections with other local professionals who support her clients before, during, and after the short sale process – including tax, legal, and finance professionals.
Best of all, working with a CFR-Certified real estate agent means you have support, representation, and expert advice every step of the way.
Contact Tristina at Southern Exclusive Realty, 386-279-7244, to learn more about whether a short sale is your best solution to a sticky situation. If so, rest assured that her calm, reassuring, and professional demeanor are exactly what you need to weather this moment with grace and integrity.
