Tuesday, March 26, 2013

Distressed Sales Decrease, While Short Sales Rise

A short sale is the option usually preferred by anyone who faces foreclosure. 
It’s the path that, with the approval of the mortgage lender, promises to ultimately minimize damage to the homeowner’s credit score. 

According to Realty Trac, distressed sales of all kinds continued to decrease in the last reported quarter, yet the non-foreclosure short sale volume increased by 4%. That amounts to a significant 22% of all sales. Realty Trac’s are the most reliable national statistics, and our East Bay short sale profile has likewise reflected the continuing working out of the distressed property phenomenon. 
Completing a short sale in Oakland (or anywhere else, for that matter!) can be challenging. If you’ve decided that it is your best course, you can do a lot to help your agent accomplish it:
  • From the beginning of the short sale process, keep your agent informed of any changes in the financial picture. That means keeping up-to-date on the changing balance remaining on the mortgage, as well as the number of missed payments. When the information is at hand, your agent can impart the sense of urgency that gets your home sold as fast as possible. 
  • The speed of sale is important, yet while a short sale specialist is an expert in that arena, other important details regarding taxation and the law may influence the best overall strategy. By encouraging your real estate agent to work alongside an experienced attorney or tax specialist, you will form a team that can execute your short sale package more efficiently than if they worked independently.
  • Executing a short sale means meeting multiple demands—each with its own timing requirements. That can mean a lot of pressure: but if your agent asks you to do something or provide additional information, stand ready to do it! That speeds negotiations with buyers and lenders, increasing the chance that you will successfully close your short sale.
Short selling a home is a somewhat complicated process. I offer a no-obligation, in-home consultation to help assess your circumstances and the next steps to consider. I am a Certified Distressed Property Expert so please Call me anytime! by Gina Odom, Realtor

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