Don’t let one of these dangerous myths land you and your family in Foreclosure

A short sale can be an excellent solution for a homeowner who owes more on their home than what it is worth and has to sell. Unfortunately a number of myths about short sales have developed and is important you understand the reality of this process if this is a solution that you feel meets your current needs.

1. Short sales are Impossible and Never Get Approved

Nothing could be further from the truth!

Are short sales more difficult? YES

Do you need to learn a new process? YES

Are they impossible? NO, NO, NO

I am a Certified Distressed Property Expert (CDPE) who has undergone extensive training in helping homeowners in distress and processing short sales. The CDPE membership organization nationally is made up of agents who receive thousands of short sale approvals on a monthly basis – don’t think for one minute this is an impossible process. While there are no guarantees in any transaction, more and more short sales are being approved monthly.

2. Banks are Not Accepting Short Sales; They are Waiting on a Bailout

Really? You may have heard this; the reality is that banks (and the government) are trying to do anything they can, within reason, to avoid foreclosing on property. To think that they would deny a Short Sane in hopes that some future legislation will pass and pay them for their loss is preposterous.

The reality is that more banks are aggressively pursuing Short Sales and agent (like me) who understand how to process them. Freddie Mac recently hosted a national webinar for real estate agents where they expressly stated the organizational goal of “eliminating distressed assets through modification or short sale”

3. You Must be Behind in on your Mortgage in Order to Negotiate a Short Sale

While it is true that initially some lenders wanted you to be in default (missed a payment) before they were willing to consider a short sale – this trend has almost all together reversed. Today lenders are looking for verifiable hardship, monthly cash flow shortfall or pending shortfall and insolvency.

If you meet their three requirements and are in a position where you will soon not be able to afford your mortgage, act now! Don’t wait until the countdown clock to foreclosure has started and you have even less time left.

4. Buyers are Not Interested in Short Sales and Avoid Them

This is a myth that potential sellers here all the time – thankfully the reality is that today it is not. In fact many agents are getting calls from buyers who say “I only want to look at Foreclosures and Short Sales”

Short Sales and Foreclosures have become synonymous – not with issues – but with GOOD DEALS. International buyers specifically are interested in these properties. If you list with an educated CDPE agent such as me, you have a very good chance of seeing a contract on your property, soon.

Come back next week for Myths 5, 6 and 7 or subscribe to our Blog

I am Alex, the other half of the Wilkas Group, and I just earned the Prestigious Designation of CDPE.  That means I am Certified by the Distressed Property Institute to help you determine what are the best options you have for your home if you are having difficulty in making your mortgage payments.

What exactly is a Home in Distress or a Short Sale in real estate, is this happening in our neighborhoods in Burlingame, Hillsborough, San Mateo or Foster City?  The short answer is, YES!

I am sure that you have read and heard about the growing number of homeowners pursuing short sales in the US today. In fact, the chances are that one of your neighbors is going through one right now. Some estimates state that over 50% of the properties that close this year will be short sales or foreclosures. Most people don’t learn what a short sale is until they experience it firsthand.

In a nut shell, a short sale is a closed transaction where the mortgage holder(s) agree to accept less than the mortgage amount balance in order to close the sale. These can be very complicated transactions with far reaching ramifications.

As a CDPE, I have been specifically trained to assist buyers and sellers when they are going thru these difficult transactions. I am dedicating my training to help my clients and their friends through these difficult times. Not only are these financially challenging transactions, the stress on a family can be overwhelming.

As a community service, If you would like an informational sheet on Short Sales and exactly what they are, how to qualify and what a homeowner needs to do in order to pursue one, I would be happy to send you the information. If you or someone you know should need answers, I want to make sure at least the basics can be covered. You can reach me by clicking on the “Contact Us” button on the left side of this page.

Over the next few weeks, I will be posting additional information that may help you or someone you  know understand the Distressed Property crises we are beginning to see here in San Mateo County

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