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Short Sale Process

The Short Sale

The Short Sale is quickly becoming a saving grace for homeowners who owe more on their mortgage than what the house is currently worth. In Maine the rate of depreciating values is 14% per year. Those who bought in the past 5 years will likely be “underwater” on their homes and in need of Short Sale services if they need to sell their house. A real estate professional who is experienced in Loss Mitigation is needed to make this process work. There are many factors to consider and Lender’s DON’T have to consider a short sale but they WILL if you present them with the necessary informational packet and negotiate properly. This is considered MUCH better for a homeowner than a Foreclosure and actually enables a homeowner to qualify for a mortgage again in as little as 24 months.

How does the process differ from traditional real estate transaction?

Maine homeowners have been used to a luxurious Equity position over the past 10 years and selling a home usually meant a windfall of capital gains profits and hundreds of thousand$ at the closing table. Well those days are behind us and they won’t be back for a while. If a homeowner bought their house from 2005 to present, then they are most likely “underwater” as we say in real estate. Many of these unlucky investors or traditional buyers are unable to sell because they owe more to the bank than what current market values are telling us.

Don’t listen to a “seasoned” Realtor tell you they can sell in any market! This is just not accurate and you are better off looking at the Market given its true measure of depreciation. This might mean we have to ask your Bank to accept Less than the Full balance at settlement. This is called Loss Mitigation and its not a bad thing given the economic circumstances we all face. IF you are serious about selling your house because you are struggling to make payments or have to relocate then you need to price it to sell.

Only a Real Estate Professional knowledgeable in Loss Mitigation process, one who knows how to submit a Short Sale packet the FIRST TIME, can sell your house “underwater” in 45 days. On average short sales take 60 to 90 days because Banks are so backed up and understaffed.

Contrary to popular belief Short Sales are not bad for your credit considering the state of the Credit system as a whole during these turbulent times. People with 700 credit scores are having their credit lines reduced because banks are over extended and a Short Sale will enable a homeowner to qualify for a mortgage within as little as 24 months, which is perfect in this declining market.

Obviously, for those facing Foreclosure this is a GREAT OPTION.

Call 207-400-4413 for more information on how to Get a Free Short Sale Listing where the Seller pays nothing.



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