In all likelihood, Short-Sale Transactions will increase substantially during 2012. We are hearing it now from Banks and other Lenders that see the process as a strong alternative to Foreclosures. We continue to hear that all of the Banks and Lenders would prefer selling their inventory of distressed homes through the Short-Sale process and that it is better for everyone involved.
As an Agent that does get involved in the Short-Sale process for my Buyers and Sellers, I can only pray that these same Banks and Lenders find a tool to speed up the process. Yes, the horror stories are true; it could take over a year to get through the process and actually Close on a home. On the other hand, there are a few of us Agents that specialize in process, administration, and extreme follow-up. Several of us do represent that alternative to Foreclosure, but the homeowner needs to find those rare Real Estate Agents that know how to get a Short-Sale Closed. Chances are that it will NOT be a legacy Agent that has relished Top Sales status during the "good" real estate earning years.
The Short-Sale process is lengthy, detailed, demanding, time-consuming and a paperwork nightmare; however if the homeowner has an Agent that understands this procedure, Closing is actually possible. And in a number of states, the homeowner can get relief from the deficiency on their remaining mortgage balance.
Please, if you are a homeowner or know a homeowner that is struggling to make ends meet and is stretched to pay the monthly mortgage payment; call me! If you know someone that has actually missed mortgage payments; tell them that there are alternatives to letting the bank throw your belongings at the curb!
For additional information on the Short-Sale process or for a confidential discussion on your alternatives; e-mail or call me.