Unfortunately, it's very common to overhear conversations around you in the grocery line or at your local pub that someone is or has a friend or relative who is "underwater" in their home. (facing foreclosure or short sale)
Beyond being frustrated and hurt, there are some real practical and important decisions to be made by the homeowner who must sell due to these circumstances.
Seeking the advice of a REAL ESTATE professional you trust is the first step. If you do not have a relationship with a REALTOR ask friends and family for a recommendation, check well known local real estate people on their website. REALTORS must take continuing education yearly in order to remain licensed, but some go above and beyond the requirements for certifications that will benefit YOU.
Look for SFR which means Shortsale, Foreclosure Resource, an extra certification from the National Association of REALTORS that agents can take to avail themselves of the latest information in an ever changing market.
It might also help to define a shortsale. Short sale is when a lender agrees to discount your loan due to an economic hardship on the part of the homeowner. This is usually tried to prevent you from going into foreclosure. Shortsale is an involved process and you must have very legitimate hardship in order to convince the bank to approve it. Reasons such as sudden death, loss of a job and even in some situations, divorce can be sited. If your property is certain to be foreclosed, shortsale is the lenders preferable option.
Short sale can end the financial pain and get you on to a new start, carrying less weight, and who needs baggage? Seek the advice of a professional REALTOR today!
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