sahomelocator.com Blog

What is a short sale is a question sellers ask me time and time again. Many home owners today are getting foreclosed on without ever giving them selves a chance at selling their home through the short sale process. The biggest problem seems to be people ignore the notices coming from the bank and act to late in the foreclosure process to give a short sale a chance. If you are falling behind on your mortgage payments, lost your job, have a divorce or have any combination of these issues short sale could be the answer for you. I found a great video on short sales I want to share by Re max. Watch it and if you live in San Antonio call me.

Krishna Perkins, ABR, SFR

Why short sales offers fail is a burning question many home buyers, sellers and agent alike have these days. I recently took a short sale this month and I found my self not wanting to discount the home to much to the suprise of my seller. Having sold several over the course of the last two years I found out the hard way how to identify an offer banks are willing to entertain. Home buyers often shop with the misconception that they can submit low ball offers just because the market is down. Home buyers, sellers and agent all need to be on the same page more so than in any other home buying tansaction due to the time invested with a short sale. I found a great series of video by an agent in phoenix that broke down some of the pit falls of short sales and what to watch out for you might enjoy. Thanks Kristen! Short sale video

Best wishes,

Krishna Perkins, ABR, SFR, New Home Certified
Covenant Partners
http://www.sahomelocator.com

How to short sale is burning question for many home owners in this market. Many owners realize that just letting go of a home is an even bigger disaster for them. I will give you a couple of quick tips to navigate through a successful short sale. First if you are a home owner who has simply lost value in your home and not had a life changing event that has hampered your ability to keep up with your mortgage i.e.. job loss, reduced pay, loss of a spouse, etc. A short sale may not be an option for you. Call a certified short sale agent to discuss further.

Step one- Collect all notices from your bank

Step two- Collect all financial documents; pay check stubs, bank statements, wills, tax returns

Step three- Prepare a letter of explanation to your mortgage lender stating the reason you are behind and need a short sale.

Step four- Contact a licensed Realtor that has short sale training. Don’t worry you wont have to pay them for their services. The bank will cover the commission earned in the short sale.

Remember for a successful short sale to happen you have to have your documents ready to go. A short sale can be a long process but in the end can save you from years in damage to your credit. Agents with training in short sales can be identified with the SFR designation after their names. This stands for Short Sale and Foreclosure Resource.

Krishna Perkins, ABR, SFR
www.sahomelocator.com