One of the toughest Challenges in the market today is paying your mortgage and living the American Dream.  The Mortgage Market is a tough market these days with the rules and regulations changing almost daily.  Many consumers got talked into a “bad loan” and are now unable to make their monthly payments.  So is the answer a Short Sale?

Banks are starting to realize Short Sales aren’t the devil!  If you’re thinking about Short Selling your home just take this into consideration… the decision maker is probably a long way away from the property and has no idea about the local market conditions.  Imagine you live in New York and you’re trying to figure out how much a property is worth in Key West, FL… it just doesn’t sound realistic.  So make sure if you’re considering Short Selling your home, you do your research on MLS and gather information for the bank in regards to previous sales, comps in your area, and other homes listed for sale in your neghborhood.

If you’re looking to Short Sell your home, make sure you show the bank your willingness to pay.  Basically if you’re thinking about Short Selling, you typically have no willingness to pay… the home will most likely go into foreclosure if you don’t get rid of it ASAP. 

The key to Short Selling your home is providing the bank with a qualified buyer who has been pre-approved and is looking to purchase the property at a fair value.  Obviously the market tanked and you owe more on the home than what it is worth… but give the bank a fair offer and see what happens.  The cost of foreclosing on a property is huge, so this is your big chance to save yourself the hassle as well as the bank. 

If you’ve recently Short Sold your property and have comments on this topic please leave them below.  There are a lot of people out there that could use the information. 

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