IS YOUR HOME AT RISK? 

Recent statistics indicate that the number of foreclosures in the US are nearly twice that they were a year ago. In some states, foreclosures reportedly claim one in every 199 households. Don't let a foreclosure or default situation sneak up on you. For many borrowers, there are a number of viable foreclosure alternatives that can help, including short sales.

Short Sale

A short sale is legally-binding agreement to allow a home to be sold for less than the amount that is owed. For debt-ridden homeowners or those who owe more than the house is currently worth, a short sale could save them some of the enormous pain, embarrassment, and major credit challenges associated with bankruptcy and/or foreclosure. For lenders, it helps avoid some of the hassle and expense of seizing and auctioning off delinquent real estate. For potential homebuyers and real estate investors, a short sale offers a great opportunity to purchase property at a significant discount.  

It's important to note that short sales occur at the sole discretion of the existing lender or servicing company. This is not like negotiating the price of a home under normal circumstances. A written declaration and supporting documentation demonstrating financial hardship and an inability to make payments will definitely be required by the lender in order to even consider a short sale. This may include pay stubs, tax returns, and liquid asset statement-including those for retirement accounts-among other documentation.

This is where an experienced real estate professional becomes invaluable to your cause. Knowledgeable real estate agents have likely negotiated short sales in the past and are well- versed in the substantial risk and reward involved in this extremely complex and often drawn out process.