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Jeff Nobleza's Blog

By Jeff Nobleza | Broker in 60640

Short Sales and Relocation Assistance

Over the last twelve months I have sold 23 homes. Of the 23 homes I sold, 9 were short sales where the lien holding bank gave the seller I represented $2500 to $8500 to help them move after short selling their home. In addition, the banks forgave all of my seller's debt related to the sale.
In addition, the banks generally responded in less than four weeks after we presented to them an executed contract and related short sale paperwork.

Seller's who faced financial hardship and took the initiative to sell their home with me via short sale received the following:

Forgiven debt and mortgage from the bank(s) who held mortgages with the home
Avoidance of foreclosure and all the negative aspects that go with it (eviction and foreclosure on their personal record)
Lessen the negative impact on one's credit score- short selling allowed them stop the negative marks on their credit score associated with missed mortgage payments.
Avoidance of having to file for bankruptcy
Relocation assistance in the form of cash
The ability to manage the process of transitioning out of their old home

The moral of this story is that if you are behind on your mortgage payments, don't just ignore the problem- be proactive and do something about it. If you attempt to short sale your home, you will likely come out better off.

Comments

By Le Ann Tyson,  Thu Jan 24 2013, 21:50
I echo your thoughts. It is much better to pursue a short sale than to ignore the foreclosure notices. Banks are beginning to not delay the sheriff's sale date unless an offer is in hand. Seek counsel from a REALTOR who has experience in short sales. Give me a call at 319.430.1187 or email me at leanntyson@msn.com to get answers to your questions about short sales. You will receive counsel with respect and discretion. Le Ann Tyson

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