Exit Stage Right Or The Short Sale Process
The short sale process is a way for distressed homeowners to regroup and fly the coup. Not the ideal exit but at least it can free them to fight another day, albeit in a different residence.
I call these days a disconcerting phenomenon in real estate upside down debt. This occurs when you owe more money on a property than its actual value. This unenviable state appears to now be the norm in today’s market place.
With the halcyon days of prosperous homebuyers securing easy bank loans seemingly a distant memory, the well-informed real estate broker is making lemonade out of the current crop of lemons. There is no dishonesty in so doing, only it is a disappointment for most all concerned that things have come to this.
One good thing is that the lender is usually willing to pick up the tab on most if not all expenses that are associated with the short sale process. The key to unlock this magic box is to begin working with your lender to obtain a loan modification. The first step towards this goal is to hire a competent real estate broker to guide you through the loan modification.
The real estate broker is best equipped to help you navigate the potentially dangerous waters of the short sale process. They have the requisite professional expertise to guide you through the shoals safely to the shores of financial liquidity. If you are no longer able to swim with the sharks then at least you may be able to lounge by the poolside.
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