1. Short sales are a waste of time.
NO. If you wear out emotionally and let your home go to foreclosure, it stays on your credit bureau FOREVER! It can affect a career choice, (fiduciary, banker, military, security clearance),
it will torpedo your credit for 10 years and you have to revisit it every time you are asked, "have you ever been foreclosed on?" UGH.
A short sale however, under some circumstances, will let you repurchase in 2 years, your credit score is less adversely impacted and you are relieved of stress as well.
2. No one will show my short sale home.
WRONG. While uninformed agents, or agents without the confidence to handle a short sale won't show it, savvy agents that are informed and competent will be eager to show your listing, especially one listed by a CDPE designated agent. (see http://www.cdpe.com/) These agents know how to get the sale done.
3. Anyone can sell a property short.
WRONG again. You must have a verifiable hardship to begin the process. I can tell you more about that and it's not straight forward, so call me for details. You may not think you can, but check first.
The terrain of real estate is changing daily. From a federal level, from the internal understanding of banks, investors are waking up, (not the purchasing investor, but the investors behind the loans that are defaulting) everyone is getting educated. Folks who brazenly put their flipped short sale resale on YouTube for all the world to see with a 60% profit have banks keeping prices higher. (Thanks guys, don't you know social media gets read by corporations too?)
Bottom line: IF YOU OR SOMEONE YOU KNOW IS SUFFERING from mortgage stress, have them call me. I lost my own vacation home to a short sale, so I understand that it can happen to anyone and it is PAINFUL. But the alternatives are worse. Open your mail, be fearless and call me! 831 515 1101. I can help.
Terry Ballantyne
Broker Associate
GRI~ CDPE
Sereno Group Real Estate
DRE#01257150
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