Home Selling in 73112>Question Details

Rob, Home Buyer in Yukon, OK

I don't have "a lot of equity" in my house and was wondering if there is a rule about short sales in oklahoma and relocation being a hardship?

Asked by Rob, Yukon, OK Mon Dec 17, 2012

i have relocated back to tulsa from oklahoma city and am wanting to sell my house.

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Julie Gentry’s answer
If I understand your question, you don't have enough equity to sell the home, cover closing costs(including realtor fees), and cover the mortgage owed. Your relocation has created a financial hardship. As I don't know the reasons for the relocation, I can't tell you if that would qualify as a hardship with your lender.. Your lender covers all of the above fees and accepts an amount less than what you owe. Under certain short sale programs you may be eligible to receive relocation assistance up to $3000. That money is actually paid directly to you at closing. Those funds are primarily paid to you as long as this is your primary residence and you are still occupying the home. If you would like alittle more info you can visit my website on short sales or give me a call at (405)821-5863.The website is http://www.greaterokcshortsalespecialist.com. Hope that helps, Julie Gentry Prudential Alliance Realty
1 vote Thank Flag Link Mon Dec 17, 2012
Rob:

I have completed several short sales in the past year. I would be happy to meet with you.

A short sale is better than foreclosure and I will be happy to give you the reasons why.

I have also negotiated a deed in lieu with one bank recently. Let me know if you would like a FREE consultation.

Carolyn Sims
Keller Williams Elite
405-808-7922
Web Reference: http://www.csimshomes.com
0 votes Thank Flag Link Mon Dec 17, 2012
Hi Rob

As other Realtors have stated, the first thing you need to do is contact your lender and explain things to them, they will have several forms for you to fill out and at that point they will make a decision: I suppose you have your home listed on the market at this time: If so you also need to contact your Realtor and they can help you with this process:

If not contact me and I will be glad to lead you throught it from start to finish

John Phillips
Re/Max Preferred Properties
405 413 0791
jphillips81@cox.net
0 votes Thank Flag Link Mon Dec 17, 2012
Rob:

Your Lender will have a process for you to follow for a short sale so you should contact them to learn what forms they require from you. The Lender will be responding to any offers you receive and they may counteroffer and try to get as close to 'fair market" val;ue for your home regardless of your equity position. If you need a Realtor to estimate the 'fair market' value contact one of us.

Short sales are quite common today and you can go online for researching the process with Lenders like Bank of America to read about the steps involved.

Equity really doesn't have any bearing on the process.

Mike Bumm, Broker Associate
Metro First Realty OWP LLC
mikebumm@att.net
405.607.0850
0 votes Thank Flag Link Mon Dec 17, 2012
Rob,

When it comes to how a "short sale" will affect the rest of your life, you should always consult an attorney. When selling a property short you are breaking the terms agreed upon in your note. This can follow you for the rest of your life.

Best of luck and you may want to try to rent the property out.

Josh Barnett, Realtor
Metro First Realty
Web Reference: http://www.1ListingFee.com
0 votes Thank Flag Link Mon Dec 17, 2012
Hi Rob,

There are some rules you need to be aware of. Yes, relocation can be considered a hardship. I would be happy to meet with you for a free consult and evaluation of your current mortgage and real estate needs.

I may be reached at (405) 205-2778.

Tammy Sais, Realtor; GRI, CNS, CHMS, Foreclosure Alternatives Advisor
Keller Williams Realty
0 votes Thank Flag Link Mon Dec 17, 2012
Yes, relocation is definitely a qualifying hardship. Working your Short Sale properly requires a unique set of skills in today's market. As a CDPE (Certified Distressed Property Expert) I have training and extensive experience in dealing with these situations.
I would be glad to discuss your difficult housing situation with you.
Call me at 405-834-6356 or email me at karl@karlmengers.com to get started.
0 votes Thank Flag Link Mon Dec 17, 2012
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