Beat Real Estate Foreclosures with a Short Sale Realtor

Posted Tuesday, April 26th, 2011 at 6:47am.

It’s no secret that the economy has been less than favourable to homeowners in the past few years. People who took out loans that were slightly above their budget are now seeing the banks foreclose on the homes that were their dream residences. If you are behind on your payments and think that you might be faced with the prospect of losing your home in the near future, you do have the option to look for a short sale realtor that can help you beat real estate foreclosures. These realtors are specialists that know how to market and present a house so that it has a chance of selling as quickly as possible.

In case you’ve never heard of the option of using short sales to beat real estate foreclosures, you should know more about what these transactions really are. The homeowner that seeks a short sale has received permission from the bank or lending institution that holds the loan to sell the house for less than what is remaining on the balance. Deficiency options on the mtg. will be worked out with the mortgage company and the seller.

There are some things you should be aware of before deciding to use short sales to beat real estate foreclosures. First, you might want to consider loan modification before you enter the uncertain area of pursuing a short sale. In light of the recent housing market downturn, some lenders have established programs that work with people to determine reasonable payments so that homeowners can stay in their homes. It is in the bank’s interest to keep the current loan intact, even if it means extending the terms.

If no modification terms are satisfactory and you still want to pursue a short sale to beat real estate foreclosures, make sure you work with an agent that is well qualified to handle these special circumstances. Industry experts recommend that you interview at least three real estate professionals and real estate lawyers before you make your decision about who you want to work with. It’s important for you to find people that understand your delicate situation, but won’t try to take advantage of you with a lot of bogus fees or legal jargon that pads their pockets. If you’re ever in doubt about advice that you’ve been given, contact an independent realtor organization.

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