Riverside Short Sales - Where and How Do You Start?
TheÂ newÂ reality forÂ Riverside, California real estateÂ is a market comprised of standard and distressed sales with the anticipated number of short sales increasing this year. Short Sales are a transaction in which the Homeowner's owe more on their home than fair market value (or the current value). Even though this phenomena has been a part of our real estate landscape for several years many homeowners are unclear about the process.
How do you begin a short sale?
If you are interested in keeping your home your first option is to contact your lender to apply for a loan modification. If you are behind on payments you may request a deferment (the missed payments are added to the end of the loan), a repayment plan, a loan modification or a short sale.
If you have decided on aÂ Riverside short saleÂ (based on the newest legislation, SB 458, releasing sellers from any deficiency judgments it is definitely an option to consider) than finding your advocate is your first step. Research listing agents who are experienced with short sales and/or have worked with your lender.Â I highly recommend interviewing several agents and using a prepared list of questions.
How many short sales have you listed and/or closed?
What Lenders have you negotiated with during the short sale process?
Who will negotiate with the Lender? (I recommend asking this question so that you know who is driving the transaction, the agent or a third party.)
What strategy do you have in place for negotiating with the Lender? (Will the agent simply accept the banks terms or have they negotiated for you the seller?)
Moving on with your life -
So in answer to the question where and how do you start just be aware that Riverside Short SalesÂ are a unique transaction requiring a knowledgeable, experienced, patient and skillful listing agent.
If you have additional questions or need assistance call me to help you through the process.
If you are thinking of buying or selling real estate in Riverside,
call, text or email me.
I would love to assist you!
kristal wilson - kristal clear team Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
making it kristal clear!
Real Estate Associates