Why Do Sellers Choose Short Sale Over Foreclosure?

by Colleen Fischesser on October 25, 2009

bigstockphoto_house___2236593Until the process of short sales is streamlined and made to be more uniform, it will continue to be a frustrating experience for most parties involved; the home seller, the home buyer, the real estate agents involved, closing parties. They require more time and tenacity than most “regular sales” on the part of all who are trying to keep the home from going to foreclosure.

I’m asked on a regular basis why a homeowner would put him or herself through this stressful process, rather than just walking away and letting the bank have the house back. The other day I found this video on the RE/MAX International youtube channel.

I will let this seller explain it.

She does it far better than I ever could.

{ 0 comments }

Article in the Boston Globe today. I love the very last sentence…

It’s an accounting game that’s hard to justify given the mounting cost homes foreclosed on and lives shattered

Real hope for short sales or just more bank spin? – Boston Real Estate – Boston.com

Posted using ShareThis

{ 0 comments }

New Short Sale Guidelines-The 3000 lb Elephant in the Room

December 7, 2009

The fact that the Treasury Department is taking steps to work with lenders in order to help streamline the short sale process is encouraging to say the least. For the last several years, I and other real estate professionals who have committed to helping homeowners upside down in value, have been frustrated at the lack of uniform procedure and [...]

Read the full article →

Short Sale Myths

October 21, 2009

There has been so much written in the news, reported on TV and talked about around the cul-de-sac with respect to Short Sales and whether they are worth a Seller’s time or effort. I don’t know why, but for some reason everyone in the Universe seems to think they are an expert when it comes [...]

Read the full article →

RE/MAX Issues Press Release on New Short Sale Strategy

October 21, 2009

This joint venture for Short Sales was announced late yesterday afternoon and the press release posted on the RE/MAX internal website for Associates early this morning.
I will be attending the Pacific Northwest Regional Broker/Owner meeting tomorrow morning and look forward to learning more about this exciting new plan to help streamline what’s been a very [...]

Read the full article →

Quick Short Sale Facts

April 3, 2009

Here are a few facts about Short Sales:

Approximately 8M mortgages in the United States are upside down- or in a negative equity position which means if these owners want to sell they will either need to bring a check to closing or work with their lender to negotiate a short sale.

A short sale is a [...]

Read the full article →

10 Reasons to Avoid Foreclosure

March 28, 2009

Sometimes when I meet with homeowners who are either behind on payments or about to be, they ask me why they should bother pursuing options other than  foreclosure. We’ve all been overwhelmed at times and felt as if it would be easier to just throw our hands up and walk away from it all. But [...]

Read the full article →

Are You Out of Luck to Refi?

March 22, 2009

Not everyone will qualify for to refinance their home despite recent initiatives in the Making Home Affordable plan recently rolled out by the Obama Administration.  Unfortunately, one of the most attractive solutions for owners struggling with high payments will not be available for everyone under this plan.
Have a Jumbo Mortgage?
Typically jumbo mortgages, or non-conforming loans, [...]

Read the full article →

What You Don’t Know About Your HoA Dues Could Hurt You!

March 22, 2009

In the grand scheme of mortgage payments and 1st and 2nd mortgage balances, annual or monthly Homeowner’s Association dues seem nominal and unimportant. But most folks don’t know that Homeowner/Condo Associations also have the ability to foreclose on a property for unpaid dues.
Many distressed property owners will stop paying HoA dues first when trying to [...]

Read the full article →

Who Qualifies Under Recent Loan Mod Plan?

March 17, 2009

Up to 5 million homeowners are expected to be helped stay in their homes under the recently announced Obama Administration’s foreclosure relief plan. Announced March 4, the plan is designed to allow some homeowners to refinance into lower rates (up to 105% of current value which helps those whose value has fallen) or others to [...]

Read the full article →