Short Sales in Dallas, TX 1. What exactly is a short sale?
It simply means that the lender agrees to accept less than is actually owed on the home or property. In this way the home is being sold below the amount of debt owed and in many cases this is below the home value.
2. Will lenders always agree to a short sale?
Not always as it must make sense to the lender and there may be multiple offers.
3. Do all properties qualify for a short sale?
No. This will really depend upon the seller's situation and how much is owed and how much money is owed. Also if the home’s value is too high than a low or "short offer" will not likely get accepted as the bank will feel they can do better through a foreclosure and sale.
4. Is there a difference between a foreclosure and short sale?
Absolutely. It is imperative that you know the differences. There are many advantages for an individual who is successful in the short sale process. It is critically important that homeowners know the difference between the two actions and how it affects them.
5. How can a QUALIFIED real estate agent help?
An agent who is experienced in short sales understands:
* The foreclosure process
* Who qualifies for a short sale
* Can explain the customers options
* Has the resources to effectively list the property
* Knows how to price the property correctly for a short sale
* Can create the appropriate short sale package for the lender
* Can submit the package
* Understands the approval process
* Knows the difference between lien satisfaction and total satisfaction
6. Who pays the Listing Agent and Selling Agent?
The lender generally pays both agents involved in ther process. Having success with a short sale can be a difficult, frustrating and time consuming process. Get an agent who understands the process involved at the start.
7. I've given up, I know my home is going to be foreclosed on!!!
Wrong attitude....you owe it to yourself to call us. Don't get foreclosed and suffer 10 years of damage to your credit when a short sale process can get you back on track more quickly. You also need to understand your rights and we have some referrals to legal counsel and short sale negotiators that can keep the bank in line and help you get through this. There are a lot of people suffering through the stress and sleepless nights created as a result of losing a home. Get out from under if you need to but don't wait. Call Bobby Nathan at 817-501-8177 for a confidential discussion of your situation.
8. Can a short sale really work? Yes we are helping sellers all of the time and many of our buyer customers are really just getting great buys in this market. There are many short sales in the DFW Metroplex and more coming in every day.
This is a process. It can be difficult but we can help you. Buyers and Sellers have huge gains to make in this process. Call us and find out what we can do for you! 817-501-8177 Bobby Nathan Contact me New Listings Notification to keep you current on the short sales that are coming up every day in any area of the DFW Metroplex. Some Short Sale Advise: Read the Full Article Here: Every day, more people slip into the foreclosure whirlpool and spiral downward toward the day they may have to leave their home. What should you do if you are on the verge of getting a foreclosure notice? First and foremost, industry specialists say, you should resist the natural human tendency to freeze up. Face the issue head on and prepare for days and weeks of making phone calls and corresponding with people who may be able to help. Potential solutions include: - Negotiating a modification of the loan.
- Refinancing the loan.
- Listing the home through an agent for a possible “short sale.”
- Selling the home to an investor on your own.
- Declaring bankruptcy. Short sales-in which the lender agrees to take less than is owed on the home, writing off some or all of the loss to avoid the expense of a foreclosure-typically are handled by real estate agents, which at least takes some of the pressure off of a harried homeowner. Many professional real estate agents are working more short sales these days and have buyers lined up looking for bargains, though the process can be slow and frustrating. I would love to help you make a great purchase! Give me a call, I will walk you through the short sale process! Call: Bobby Nathan 817-501-8177 |