By Katharyn Schall-Grill
With foreclosures rising, and many trial loan modifications set to expire, many homeowners with negative equity wonder whether they will be able to afford their payments. The banks are willing to negotiate now, so savvy homeowners facing hardship with their payments are looking to short sell their home and buy a better home that they can actually afford. Whether buying or selling, does your agent have the expertise needed to successfully negotiate short sales?
Many homeowners are confused about short sales. It’s time to separate fact from fiction.
Short Sale Myths
- Short sales happen to bad people.
- You have to be late on your payments to qualify.
- It’s the same as a foreclosure.
- Everyone will know I lost my house.
The Truths about Short Sales
- Short sales are real estate transactions to assist anyone, regardless of economic bracket or home value, with selling their home “short” of the loan value of the home. A short sale specialist is a real estate agent who knows how to negotiate successfully with the bank to reduce your chances of foreclosure.
- Your economic hardship determines your eligibility.
- Avoid the negative effects of a foreclosure on your credit report.
- They can be handled discreetly. You don’t need a sign in your yard advertising the sale.
SunAmerica Realty is a Toluca Lake-based brokerage specializing in short sales. Contact SunAmerica Realty today for a free consultation to discuss which real estate options are right for you. 818-769-2220. You can visit them at www.sunamericarealty.com