Southern California is one of the regions hit hardest nationally by the economic recession and housing bust. Mid to higher income communities, such as San Clemente, have been especially hard hit. Homeowners who purchased homes in these communities three or four years ago have watched their home value plunge. All of the sudden, many of these homeowners owe more on their home than their home is worth. At the same time, unemployment has made it hard for them to pay their mortgages and they are on the seemingly lonely journey to foreclosure.
Foreclosure is avoidable and no homeowner should have to journey through these tough economic times alone.
An alternative to foreclosure is a short sale. A Short Sale is the sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan resulting in the lender forgiving debt in order to avoid foreclosure. The thing to know about Short Sales is that they are more complicated than standard sales as they require much negotiation with the bank and prospective buyers. For a short sale to succeed, you need people with short sale expertise who understand the process and can push the sale through to completion.
If you think a short sale might be right for you, here's what you need to do to get started:
First, find a reputable real estate agent with a track record of success in short sales. Short sales are not the same as standard (equity) sales and they require a knowledgeable person to see them through to the end. Don't rely on tag lines like "short sale expert." Paper certificates from a brief seminar aren't good enough. Ask to see proven results.
Second, make sure you have an attorney reviewing the terms of the sale. A good short sale attorney may be able to eliminate "recourse" language from the sale thereby stopping banks from trying to collect on your mortgage debt in the future.
Third, don't hide anything about the home. When you find an agent, tell them the full story so that nothing surprises either the agent or the bank. When negotiating a short sale, surprises put the success of the sale at risk.
Finally, be ready to wait. Unlike standard sales, short sales require negotiation and negotiations take time.
We recommend you work with Fitzpatrick and Prince Real Estate and Rasmussen Law Firm. They have a proven record of success having closed 95% of their short sales. Nationally, the average short sale closure rate is only 20%. Additionally, these companies have worked together on a number of short sales, they understand how the other operates, and can move quickly, together, to negotiate with the banks to close your short sale. Start the conversation today with Mark, Whitney, or Blake at Fitzpatrick and Prince Real Estate.
Give them a call at: 800.880.9962.