Is Short Sale An Option For You?

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Short Sales are quite common in this type of market. In many cases, short sale is worth the time, energy and effort but since several things must happen for short sale to be successful, it's never a guarantee. A homeowners' success will depend greatly on:

1. the bank that services the loan. Some banks seem to be far more short sale friendly than others.
2. how many loans are on the property. The fewer the loans, the better your chance of success.
3. if the 2nd is a true loan or if it is a line of credit. Banks generally respond differently based on how the 2nd is structured.
4. how much time has passed since a payment was last made.  The average time on market may be 90 days so contact an agent immediately and start the process early. Time is not on your side.
5. buyer unpredictability. Occasionally a buyer will lose patience in the process and cancel the offer. If this happens, we simply put the home back on the market.
6. if you have a true hardship. Those homeowners with a true financial hardship are much more successful at short sale than those who do not have a hardship.
7. if the home is owner-occupied or an investment. We have found the requirements from banks tend to be more friendly if the home is occupied by the owner and not vacant or a rental.
8. the bank's expectations on price. Contrary to popular opinion, banks are not "giving houses away", they want current market value for the home. If the offer presented to the bank is current market value, the bank will likely accept the offer. If it's a ridiculously low offer, they will not.
9. the ability to show the home. We have found that homes that are occupied by the owner or vacant tend to receive more showings. Generally speaking, homes occupied by tenants (requiring tenant cooperation) or homes that have dogs (requiring the occupant to be home to tend to the animals), get fewer showings.
10. your agent's and your own commitment to the process. The agent you choose absolutely must have experience in this highly complex transaction. Owners who stay involved in the process by contacting the bank for weekly status updates seem to have a greater success.

J.P. has attended a series of educational classes resulting in multiple short sale designations, and travels 4-5 times per year to different national short sale related conventions. The vast majority of his business is short sales and he's happy to assist you with this fantastic program.  Thank you for your consideration and trust.