Have you ever found yourself in a bit of a financial rut? You may understand that you might be headed for foreclosure. If you think you are just about out of choices, a short sale may be in your best interest, A short sale is the best alternative, especially if you have no desire to embrace the consequences of having the foreclosure process on your plate.
But first things first, define a short sale? Simply put, a Short sale is when a homeowner cannot hold down mortgage payments any longer and is on the verge of being foreclosed upon. You can then approach your lender and ask if you can short sell the home in question at a loss instead of the bank foreclosing. By doing so, the homeowner prohibits getting a nasty foreclosure on their credit and also provides them more time and alternatives when it comes to their next step. So the next question now is it easy to do or should the homeowner request assistance?
Never do it alone
Asking for help is never bad, especially if you don’t have a clue how something this complex goes about. Short sale dealings are one of those things that might seem really simple at first, but requires an individual that knows precisely what they’re doing, why they are doing it and when they are going to execute the plans to kick it in motion. This is where talking to a Temecula Short Sale Realtor will be a major help. While you can do it the easy way and directly go to a bank or lender to ask them for short sale input, there will still be tons of legal aspects that you might not be capable of understanding. Coupled with the fact of a looming property foreclosure and that you will still have to bring in a real estate agent in the process at some point anyway. You must find a Realtor who specializes in short sales.
Remember to choose wisely
With that said, how does a homeowner select the correct Short Sale specialist and what are the points to consider when hiring one? Below are some useful questions to ask a short-sales Realtor:
• Ask of their experience and qualifications – this could be a really cliche’ subject for most short-sale agents, but it is very important that the homeowner gets a really clear response when this question is asked. This is a simple protection for the homeowner to make sure the short sales specialist has the experience and actual knowledge of the short-sales process and whether he/she can successfully represent you in the deal. It is also very important to ask about the Temecula short-sale specialist, qualifications and their education.So that you can safely assume that they have enough insight to push the deal through. Some important questions to be asking are the number of years he or she has been dealing with short-sales, their affiliations and the type of deals that they have successfully helped close.
• Ask you Short Sale Specialist about the number of deals the agent has successfully closed – while volume is not a predicament for the homeowner, they still might want to consider the number of successfully closed deals that the Realtor helped complete. “A lot” does not count as an indefinite answer and the homeowner may want to reconsider getting the services of the Realtor that propose them a vague answer like that.
• Ask about their strategy and how it affects your schedule – a Short Sale Specialist has a definite method or plan of attack might be encouraging to a homeowner especially if there is a tight time line that should be followed.
• Ask about the number of deals that they are currently handling – while it might be impressive that a Short Sale Specialist closed hundreds of successful deals, it might be wise to question them on their current status. It might be tempting to hire the engaged of the Temecula Short Sale Realtor due to them having many clients definitely says much about their reputation, but the sheer volume of their deals might affect their performance on closing your deal.
• Ask about YOUR schedule and time line – It is critical that the Short Sale Specialist knows your schedule so that they can adjust their priorities according to the due date assigned to you by the lender or the bank.
• Ask about their fees – this is probably one of the most important questions to be asking. Usually services to the homeowner are completely free and are paid for by your lender! No costs or out of pocket expenses! Be careful of any agent who wants to charge you fees. If anything, many sellers are able to get money back the lender short sale incentive programs.
Planning for the next step
The next step is the one that is significant: ask for the Temecula short sale specialist you just hired to come up with productive steps to short sale your home and what you need to know to effectively complete a short sale, for instance: you will need to produce a Short Sale Package which will contain important financial documentation in regards to your financial hardship. It is always important to remember that the short sale agent is there to make things easier for you and to offer service when needed but not hold your hand fully throughout the transaction. The most effective Short Sale Realtors are the ones who seem to be doing most of the legwork, but in reality are executing and educating you on how to properly position yourself and your property to close on the deal.
Short selling a home can be a challenging process that requires experience and expertise. So, you need to ensure yourself that you have a Short Sales Specialist who can communicate efficiently with you as well as your lender. Additionally, they must fully apprehend the entire short sale process and be capable of efficiently closing the deal. With that said, I am a Short Sale Specialists in Temecula, CA that has extensive experience with successful completions of short sales. I strongly encourage you to contact me and let me help you get on the right track! I have helped homeowners throughout South West Riverside county and Orange County work through successful short sales.