can i list my home while under foreclosure proceedings?

Asked by Marys, 07731 Wed Aug 10, 2011

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45
John Sacktig, Agent, New Jersey, NJ
Sun Aug 21, 2011
Mary,

Yes, I'm back again.. I was away for a week! Notice all the hubbub?

Again, note that I do short sales. I have a few listed that are with offers, at the bank and are close to getting approvals. Once we do, the attorney will start attorney review process and define the aspects of the contract for you. Remember; there is no accepted offer until the bank accepts it. And yes, I have also closed a number too.

You need to speak to someone that has experience in dealing with the banks and the process that is involved. Remember the old saying "too many cooks spoil the broth" .. You need 1 good Realtor that can help you navigate the process and a good attorney that can solidify the contract to closing. Period.

People like to make things so much more than they really are. Working with a bank to accept a short sale is a compromise between the parties involved.

Continue your due diligence. Give a call when you are ready.
3 votes
John Sacktig, Agent, New Jersey, NJ
Thu Aug 11, 2011
"Now if the bank looks over your contract and sends you a short sale approval which requires a $100,000 promissory note or even a $10,000 cash contribution, you are now OBLIGATED to complete the sale or face possible suit from the buyer for "specific performance". Now imagine that predicament an inexperienced agent just put you into. "


The statement above reflects the Realotr above thinking he is an attorney.

Once the bank brings a response to you.. you are under no obligation to move forward as the contract states the necessary protection of attorney review when the offer is "accepted" ( that is the banks decision) which would proceed upon the bank accpting the contract. As noted in the contract, once there is an accepted offer, the atttorney review period would begin.

The contract is signed on the potential of the bank accepting the offer. It is not an accepted offer, as the bank has not accepted anything yet. There are no Realtors playing attorney here at all.. this is how it is done.
3 votes
John Sacktig, Agent, New Jersey, NJ
Fri Apr 13, 2012
Layth,

No disrespect taken, you just do not know. I got that already.

There is no accepted offer until the bank accepts the offer. There is no "this is what attorneys told me" stuff here. Attorneys are here to make money.. There is no need for attorney review and to waste the buyer’s money if there is no accepted offer. Period. That is exactly what I tell a shortsale buyer.. I am looking out for your best interest.. why waste money?

Attorney review is not mandatory. The 3 day period to allow for attorney review is mandatory.. as the contract reads: “Study by Attorney: the BUYER or the Seller may choose to have an attorney study this contract. If an attorney is consulted, the attorney must complete his or her review of the contract within a three day period”

I suggest every one of my clients get an attorney.. when there is an agreed upon contract. That happens when the bank accepts the offer of the buyer. Not before. At that point attorney review can begin.

The house can stay on the market and any offers that come in are back up to the offers until the bank responds to the offer on the table. If they reject it, the current offer can negotiate or walk.. and the next offer is sent to the bank ( if they are still around) if you know anything about short sales you know that back up offers are back up offers for about two weeks then they walk. That is why the offer at the bank has priority to be accepted and negotiated.

Thanks – this thread is old.

When the light goes on and you understand, send me an email. Take care!
2 votes
layth abbasi, Agent, Clifton, NJ
Fri Apr 13, 2012
Hey John, appreciate your input, not arguing you on this, just sharing what i have been told by attorneys in the past... that it is considered a contract because both buyer and seller signed it and agreed to its terms, BUT one of the terms of that contract is that the bank approves the price, when a home is on the market as a short sale, it is still the borrowers home, the bank has not foreclosed yet, therefore a signed contract is binding, but just like any other contingency, bank approval becomes a contingency of the contract... going by your logic, no contract will ever mean anything at all unless the buyer does inspections, and appraisals, gets a mortgage commitment, does a title search, and then sends it to the attorneys for review... on the opinion 26 it states that the contract becomes final and binding within three business days UNLESS its cancelled by an attorney, so by not sending it to attorneys, your forfeiting the right to everything in there, and possibly risking missing out on an inspection period and everything else. My bottom line is that the banks approval is a contingency in the contract, period, no bank approval, no deal, at least thats how all my short sales are being worked at the moment, i am out of attorney review on them, and working on banks approval.
2 votes
John Sacktig, Agent, New Jersey, NJ
Fri Apr 13, 2012
O.k. Layth – it’s all good, but not only are you wrong.. you are 9 months late with answering the question!

But, that is a good barometer.. if you give the make believe accepted offer to an attorney before you have an actual accepted offer by the bank.. it will probably take about nine months to get an answer!

Just re-read your post.. once the buyer and seller have signed the contract.. the bank is the seller and agrees to the sale price.. not the "in foreclosure home owner on paper"
Who and what are the attorneys to decide? Nothing, except how much to charge.
If the bank says no to the short sale.. did you have an agreed upon sale? Agreed upon contract?
No, it never existed. The only thing you did was waste the buyers money on an attorney and sometimes a home inspection when you had nothing at all. Never did.

The bottom line is that there is no offer until the bank accepts it. There is nothing to "handle" but paperwork AFTER the bank accepts an offer.
2 votes
layth abbasi, Agent, Clifton, NJ
Fri Apr 13, 2012
I have to agree with the oceans six group here. John, i understand where your coming from, but in New Jersey, once the contract is signed by both buyer and seller, attorney review must begin, then the attorneys can choose to conclude attorney review or hold off until approval has been obtained by the bank, bottom line is that it must be sent over to a buyers and sellers lawyer, so they can handle the contract while you negotiate with the bank.
2 votes
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Mon Aug 15, 2011
Marys, Yes.

Goodness, you agents in New Jersey do go at it. Do keep in mind that the objective of forums like this is to attract clients by demonstrating your professionalism. Do you reallu want your prospects and clients reading your posts here? You may wish to consider taking advantage of the delete answer button.

How can someone have more helpful answers, than answers?
2 votes
The Ocean's…, Agent, Wall, NJ
Mon Aug 15, 2011
John, you may have a future in politics with your dodging of questions. If you are going to come on here and give advice like an expert you BETTER be an expert. The reason I am being insistent on this is because if you give this bad advice and people follow it, it doesn't just give you a bad name but ALL Realtors get a bad name. And that I will not have!

So before anyone takes your God awful advice on "pretending" to skip the Attorney Review Process, once again, HAVE YOU EVER SOLD A SHORT SALE LISTING?!?!?!?!?
2 votes
John Sacktig, Agent, New Jersey, NJ
Sun Aug 14, 2011
No, actually there is nothing comical here at all.

I truly hope that Mary can see through the nonsense and realize that they need to do research and find the correct Realtor to list the home as a short sale, and find an agent that understands the process rather than just listing the property for other leads.

A potential short sale client needs a Realtor with experience. One that will do more than list the house and pass an offer off to an attorney and hope for the best.
2 votes
John Sacktig, Agent, New Jersey, NJ
Fri Aug 12, 2011
Ocean whomever, You like CAPS eh? Hellacious! Nice!

Your postings are pretty over the top. You like to make things up in your head about what you are reading.. Burden of shame? Bowing to the bank? My, my.. a little dramatic flair in your interpretation here don't you think? This is exactly the type of tone a homeowner does not want to hear, for some reason you want to attach something like this to what I said, when I don't even have these thoughts. It is this kind of chicken little " the sky is falling" group that I usually tell people to avoid, if you make stuff up like you posted here I am sure you make up a whole bunch of stuff to tell people... and that is scary.

You posted: "they are not asking for the bank to accept a loss ... they are TELLING them. period"

Is that how you interpret working with the bank? My statement is that the seller needs to work with the bank.. there is no "control" to be had here, rather a mutual agreement between the parties involved. There are no demands, no confrontations. I have and create working relationships with these departments within the banking system, that is how to get things done. Your grandstanding and drama here is amusing to me, but embarrassing to your so called group.

Again, I am not here to debate your postings, But I will post the correct information when necessary.
2 votes
The Ocean's…, Agent, Wall, NJ
Thu Aug 11, 2011
John, I'm sorry but I have to ask......Have you performed a short sale before? Out of my own curiosity I had to look through the MLS to see if you have. Unfortunately it looks like you have never closed a short sale and you've only sold 6 homes in your whole career. I appreciate the healthy debate and I applaud anyone starting out in real estate but please leave short sales up to the professionals, they are not something to take lightly.
2 votes
John Sacktig, Agent, New Jersey, NJ
Wed Aug 10, 2011
Hi Mary -

Yes you can list your home and we would list it subject to third party approval. (a short sale)

You will see a ton of responses from Realtors and some other "people / so called companies" from other states telling you they can get you an answer and get the short sale done. Be careful. (*note the disclaimer below by the mortgage guy)

Look for a local agent that has short sale experience and understands the process of helping you with your short sale. I suggest you look for a Realtor that has the SFR designation and can explain the process to you in detail from beginning to end to help you understand what is about to transpire.

Please call or email and we can meet and discuss your situation. I manage the Freeehold Boro office and we can meet at he office or I can visit to discuss.

Let me know!

John Sacktig
Broker / Manager
SFR (Short Sale and Foreclosure Resource)
Orange Key Realty
Direct: 732-213-1409
JSacktig@orangekeyrealty.com
2 votes
layth abbasi, Agent, Clifton, NJ
Fri Apr 13, 2012
have to mention this as well:

you said "there is no offer until the bank accepts it"... so then why not treat it like an REO if that were true? do not let the seller sign the offer, send it to the bank for short sale approval and wait until they sign it, see how that works out for you... how can you dismiss the sellers signature like it doesnt matter? im sure if you ask a real estate attorney you would see that maybe you have been mislead somewhere... no disrespect to you or anyone else that disagrees, everyone does business a different way, good luck regardless.
1 vote
layth abbasi, Agent, Clifton, NJ
Fri Apr 13, 2012
lets also look at it from the eyes of a buyer.... if i were representing a buyer, and they wanted to present an offer on a short sale, if there is no attorney review period, technically the property is still on the market, so you expect me to trust my buyers future to a listing agent that may or may not be presenting their offer? it opens up the opportunity for the listing agent to switch up the offer at any given moment, on any given day, at least when there is a real legal contract, and attorney review has been concluded, the buyer understands that its not certain the bank will accept, but at least they can have the comfort of knowing their offer is the only accepted offer by the seller.

also, 9 months to get a short sale approved nowadays? more like 30 days or less.
1 vote
The Ocean's…, Agent, Wall, NJ
Fri Aug 12, 2011
This is just comical, John you have problems. I suggest you get out of the industry because you are not in the "helping people" mold. You are confrontational with no basis. And you keep avoiding the question so I will put it in CAPS so you catch it. HAVE YOU EVER SOLD A SHORT SALE LISTING?!?!?!?!?
1 vote
Randolph Les…, , Lynnwood, WA
Fri Aug 12, 2011
Marys,

Please forgive me if I am repeating anyone, I have not read the answers given by others.

Before answering your question with a YES, there are some questions you may wish to consider first, maily: exactly at what part / phase of the foreclosure proceedings are you in right NOW? Do you have equity that may be captured to your benefit if it can be quickly sold or do you owe more on the property than it will most likely sell for?

The answer to your question is not most wisely answered with a YES or NO, but rather "is it to your benefit or not based on ALL things considered", which can only be speculated due to the sparseness of your query.

Randolph Leslie Smith
1 vote
Ronald Shaff…, Agent, Toms River, NJ
Fri Aug 12, 2011
The simple answer is YES, and it may be in your best interest to do it as soon as possible. You are in a complicated situation and should interview a couple of full time Realtors to discuss your options. I would welcome the opportunity to be one of them. Thank you and best of luck,
1 vote
The Ocean's…, Agent, Wall, NJ
Fri Aug 12, 2011
This is an embarrasment. If anyone knows anything about short sales it would be clear that this John has made HELLACIOUS comments about how to handle the scenario. With a well placed attorney and a solid sales plan in place the home owner absolutely can regain control of what happens to them going forward. Of course the bank has to eat the loss. And they are more than willing .. its MUCH better than foreclosing for them (which costs the bank 30k alone to do the process) and they sure as heck do not want to hold more shadow inventory (John look it up for definition) They are responsible for getting us into this mess to begin with.

How dare ANY agent ever advise a client to NOT enter into attorney review once fully executed contracts are received... short sale or not. That is assenine! Even the language included to keep this open until bank approval needs to be legally reviewed. Come on now. That is elementary.

In comparison to what a homeowner experiences when the proceedings begin a solid real estate agent and a good attorney can determine exactly how much the bank has to eat... and oh they will eat. This is NOT a burden of shame for the homeowner to bear ... AT ALL .. they are not asking for the bank to accept a loss ... they are TELLING them. period... Now we here at the Ocean's Six make it our career goal to be on the cutting edge of this very scenario. Its an epidemic that plagues our market and homeowners deserve help. Not some graduate of the University of No Clue making them feel worse about it. This is exactly the type of agent that makes our transactions MUCH more difficult than they need to be. Bottom line is YES MARY YOU MAY ABSOLUTELY LIST YOUR HOME WHILE UNDER FORECLOSURE PROCEEDINGS, and i will personally aplogize for all the bantering that has gone on.. In Tom Z's defense he is passionate about what he does and goes to bat every day for several families at a time... to hear another agent take the stance that a homeowner must bow down before the bank and beg for their debt forgiveness is sickening. best of Luck in your endeavor and please know that we have been featured on New Jersey 101.5 as short sale professionals and have held several seminars on the short sale process in both ocean and monmouth county by invitation. Interview several, choose the one who has the proven track record.


Justin G. Leach
The Ocean's Six Group
Re/Max Real Estate Ltd.
1 vote
The Ocean's…, Agent, Wall, NJ
Wed Aug 10, 2011
CAUTION....CAUTION!!! Mary, be careful! It appears some of the people in this forum don't understand Real Estate 101. The statement "there is no Attorney Review until the bank approves the sale" is not only laughable but it is the attempt of a real estate agent to "act as an attorney" and postpone the Attorney Review Process (big no-no to the NJ Real Estate Commission...our governing body) .

Actually a comment like that is indicative of a national online designation course that does not consider the state laws such as NJ's Attorney Review Process. In fact it makes me wonder whether or not that agent has ever closed a short sale listing?????

We agents have read through the Opinion 26 form and the Attorney Review Clause of ALL SALES CONTRACTS enough times to know that Attorney Review occurs once both buyer and seller receive a copy of the signed contract. If you just sign the contract and send it to the bank without an attorney looking over the contract you forfeit your opportunity to have an attorney make changes at a later date. Let's all understand, the bank DOES NOT sign the contract so they are not a party to the contract. They are simply part of a contingency....in the same way a contract is contingent upon a HOME INSPECTION or the BUYER'S MORTGAGE.

Here's an example of the danger in that...........Imagine you signed a contract from a buyer that has an extra provision that simply reads "sale is contingent upon short sale approval" (which is what most agents write into a contract). Then you send it straight over to the bank without an attorney looking it over. Now if the bank looks over your contract and sends you a short sale approval which requires a $100,000 promissory note or even a $10,000 cash contribution, you are now OBLIGATED to complete the sale or face possible suit from the buyer for "specific performance". Now imagine that predicament an inexperienced agent just put you into.

And the statement that you are NOT in control and in charge is worrisome to me that someone so submissive may be representing homeowners against these conglomerates. Remember, if you help a bank perform a short sale with your home rather than a foreclosure you are SAVING THE BANK A TON OF MONEY. It is a lot more expensive for them to perform a foreclosure than a short sale. You need to have attitude with these banks. Personable but stern. I am a firm believer that you "get more bees with honey" but in the same breath, knowledge is power. The moment you show weakness is when the bank takes advantage of you. Once again, you are in control.

This unfortunately is the difference in a 5 hour online class to get a DESIGNATION and EXPERIENCE. I have a track record of personally selling over 150 homes, have helped dozens of homeowners in your situation and also have the "designation" that others hold so high. Do your research and talk to MANY professionals. Make your decision based on who you think is most knowledgeable and you feel most comfortable with. Heck, have us all in your house at once so we can chat....now that would be fun ;-)

So far this week alone I sat down with 3 new clients in your position and turned them from pessimists into optimists. You are not alone and you are not at anyone's mercy.

Best Regards,

Thomas Zdanowicz
Broker-Associate
CDPE (Certified Distressed Property Expert)
"THE OCEAN'S SIX GROUP"
ReMax Real Estate LTD.
C. 732-644-9084
O. 732-920-1900
E-Fax. 888-466-2248
E. tzhomes@yahoo.com
NJAR Circle of Excellence Award Winner
1 vote
Gina Chirico, Agent, Fairfield, NJ
Wed Aug 10, 2011
@ John,

you wrote.......

"Do not go into "attorney review" why would you waste time? There is no attorney review until the bank accepts an offer, not your acceptance.. the bank could care less what the attorneys decide until they have a satisfactory number from a qualified buyer.. "

Believe me, I totally agree that attorney review in a short sale is pointless since the bank hasn't accepted the offer yet however I was told by a few attorneys that even though its subject to the bank, once all parties sign (buyer and seller) its a binding contract. I honestly think its a catch 22 because how can it be binding if the bank needs to approve the short sale and what repercussions can actually come out of it if the bank then says no although I guess the seller would be responsible for the difference?

- Gina
1 vote
Gina Chirico, Agent, Fairfield, NJ
Wed Aug 10, 2011
Marys,

Although you are the owner on paper, unfortunately you are not in charge. Bottom line and simply put - if you don't pay, the bank takes the house. With that being said, depending on how far along the foreclosure proceedings are, you may be able to list and sell your home as a short sale. I know some banks will recommend to an owner in default to do a short sale. Again, even with a short sale, you have to sign off on the offer and then it gets sent to the bank for approval, you are still not in charge, the bank needs to approve the offer. The reason being is because you are asking that they accept less than what you owe them.

Short sales do close and I think you should contact an experienced agent in your area (I believe John is in your area) and discuss your situation in further and full detail.

Good luck and to answer your question, YES you can list your home while under foreclosure proceedings. In my experience if you've already been notified of a sheriff's sale of the property, there isn't enough time to successfully list and sell your home. Listing your home as a short sale doesn't always stop the clock with the bank. While you are trying to get a buyer, the bank is moving forward with the foreclosure proceedings.

Good luck to you and contact John,

Gina Chirico, Sales Associate
Lattimer Realty
Gina@GinaChiricoRealEstate.com
1 vote
John Sacktig, Agent, New Jersey, NJ
Wed Aug 10, 2011
Hi Mary,

A foreclosure and a short sale is a tough thing to deal with for any person. That is why you need experience and guidance to help you move your home in the right position for sale. I cringe when I read things like this:

"What you need to remember is YOU ARE IN CONTROL! You are the owner and you call the shots" and
"Again, I want to reiterate to you....YOU ARE IN CHARGE!"

Actually, you are in a situation where you need help from the bank. You need to come to an understanding that you are asking the bank to take a loss on your behalf. So experience is key here. Statements like those above.. Well, they sound great.. and you are the owner on paper. But you are asking for the bank to take a loss for you and let you move on. The bank will tell you what they will and will not accept. it is not your decision. Your job here is to document everything and have an experienced person help you with the process.

Do not refuse an offer. Take the first one in.. do not be insulted.. let the bank tell you what they will take. Do not go into "attorney review" why would you waste time? There is no attorney review until the bank accepts an offer, not your acceptance.. the bank could care less what the attorneys decide until they have a satisfactory number from a qualified buyer..

I feel for your situation, list your home with someone that has experience and knows how to navigate through the process..

Continue your due diligence here and talk to a qualified Realtor ASAP.
1 vote
Suzanne MacD…, Agent, Morristown, NJ
Wed Aug 10, 2011
You can and you should list your home as a short sale. You may qualify for the government's HAFA program. go to http://www.keepinghomeaffordable.gov and look up your loan. If you need help, email me at suzanne@exitrealtygold.com If you qualify you will receive $3000 in moving expenses at closing. And, under certain circumstances you may even be protected against deficiency judgments and so on. You will need to be sure you list with an agent experienced and educated in all aspects of the short sale process. Look for the SFR designation (Short Sale and Foreclosure Resource) and ask if they have taken any classes on the HAFA program. I have both my SFR designation and I have attended the class on HAFA so if I can be of assistance you can feel free to contact me. I believe you are here in Morris County where I am based as well, but in any case, be sure you list with someone who is experienced and educated in these situations.
1 vote
The Ocean's…, Agent, Wall, NJ
Wed Aug 10, 2011
Mary,

I'm sure at this point you are feeling pulled in a number of different directions and are not sure what to do. Being in foreclosure can feel daunting at times. What you need to remember is YOU ARE IN CONTROL! You are the owner and you call the shots. Your lender knows that (but I'm sure you feel like they don't ACT like that at times). My advice to you is to have a few agents in your home and interview them. It takes a lot of trust to hire an agent when you are in the position you find yourself in and for that reason you MUST feel comfortable with them.

My team's office is located right in Brick and we have helped over 50 clients in the same position you find yourself in. We have a number of testimonials from those clients and many others as well. You can look at our profile here on Trulia or Zillow and you will see our testimonials for yourself.

Again, I want to reiterate to you....YOU ARE IN CHARGE! You are at a crossroads right now and you need to protect yourself from things like "deficiency judgements" or "promissory notes" or "deed-in-lieu offers" or the countless scams that are out there. Feel free to contact me and I urge you to contact other agents to have us in your home to discuss your options.

Best Regards,

Thomas Zdanowicz
Broker-Associate,
CDPE (Certified Distressed Property Expert)
"THE OCEAN'S SIX GROUP"
http://www.osmls.com
ReMax Real Estate LTD.
C. 732-644-9084
O. 732-920-1900
E-Fax. 888-466-2248
E. tzhomes@yahoo.com
NJAR Circle of Excellence Award Winner
1 vote
Ron Thomas, Agent, Fresno, CA
Wed Aug 10, 2011
Mary,
That is what we refer to as a SHORTSALE:

It allows you to stay in the home, stops the Foreclosure proceeding and the Trustee Sale, and doesn;t hurt your Credit as badly as the Foreclosure will.

If you think; please contact a Realtor in your town and discuss it.
1 vote
Thomas Zdano…, Agent, Brick, NJ
Fri Apr 13, 2012
John,
Yet another agent disagrees with your notions of real estate procedure. When are you going to concede that you are misleading your clients. If you and I are ever on the same deal together I will take advantage of your misinformation and your clients will suffer greatly. Please let me know when you FINALLY get a short sale listing. I will have an offer for you in hours.
Regards,
Tom Z
The Ocean's Six Group
0 votes
Kimberly Har…, Agent, Winder, GA
Fri Apr 13, 2012
Yes you can. You need to list with an aggressive agent who is familiar with this type of situation. You might even contact your lender and the foreclosing attorney and let them know you'd like to stop the foreclosue and participate in a short sale.
0 votes
., , Outer Sunset, San Francisco, CA
Fri Apr 13, 2012
In a word I would think no.
0 votes
Amy Wagner, Agent, Orlando, FL
Tue Aug 23, 2011
Yes, you can list the home while under foreclosure proceedings. You are still the owner of the home and able to make decisions for the sale until the foreclosure proceedings are final (thru the foreclosure sale). You will be putting the home on the market as a short sale, which is a bit more complicated than a traditional sale.

However, completing a short sale rather than a foreclosure is a lot less damaging to your financial life. Surround yourself with a competent real estate agent, attorney and short sale negotiator. Be prepared to provide a significant amount of paperwork to your short sale team to get the process started.

As the short sale process moves forward, understand there will be inherent delays and requests for information that you may have already provided. Patience is the name of the game in a short sale process.

Your real estate agent should be confident, persistent and knowledgeable about the current market. Additionally, he/she should be very consultive with you and be a very patient guide/sounding board through the process.

When you are ready to discuss your situation, I will be happy to meet with you.
0 votes
Karen Parsons…, Agent, Laguna Beach, CA
Thu Aug 18, 2011
Hi Mary,

Of course you can...and should. A short sale is a better option for your credit than a foreclosure...according to sources I have. I would suggest you find an agent to help you and also let your bank know that you plan to do a short sale....

Hope it works out for you,

Karen
0 votes
Kris Mager, Agent, Middletown, NJ
Wed Aug 17, 2011
Absolutely but you need to act fast and try and get a contract. We can help, we know a fabulous short sale attorney in NJ that we have worked several deals with in the past. Please call us at your convienence.
Kris Mager & Amy Wright
Coldwell Banker Residential Brokerage
Middletown, NJ 07748
917-414-7807
848-219-4003
0 votes
Judy Seeger, Agent, Westlake Village, CA
Wed Aug 17, 2011
If you only have the NOD filed, even if the NOT is not going to happen for 2 or 3 days, you can stop proceedings. For more specific information relating to your situation you can call me (805) 367-8383 or e-mail me at c21judyre@aol.com.

Judy Seeger
0 votes
John Austin, , Salt Lake County, UT
Wed Aug 17, 2011
Find yourself a good experienced Short Sale expert in your local area. If you are not sure of one, then pick a good reputable company in your area and call the office manager or Broker and ask for a referral to an experienced Short Sale Listing agent. Have a good talk with that agent and get familure with the Pros and Cons for Short Sales vs. Foreclosure vs. Deed in lieu. You might also wish to talk with an attorney in your area. This is very important and can effect you for a long time to come, so take some time to get all the facts before you act. Good luck, and I am sorry to hear about your situation... You are not alone.
Web Reference:  http://www.UtahHome.Org
0 votes
Mr Credit, Other Pro, San Diego, CA
Tue Aug 16, 2011
You can list Your home at any time, but it does little good if You're in a Foreclosure. It's become very difficult to stop the Foreclosure proceedings with only a Short Sale offer to purchase. Don't get me wrong, You absolutely SHOULD avoid the F-word at all costs. It is the worst thing You can have associated with Your credit profile. But, the only way You can give Yourself a reasonable shot if by filing a Bankruptcy and post-poning the Foreclosure for 3+ months...

Mr Credit
Web Reference:  http://SanDiegoBankruptcy.us
0 votes
Kimberly Har…, Agent, Winder, GA
Tue Aug 16, 2011
Yes, most definitely!! Sometimes if you can show the lender that you are trying to sale the property they will postpone the proceedings. You definitely need a Realtor who is familar with the urgency of your situation.
0 votes
Rose V. Boas, Agent, Danville, VA
Tue Aug 16, 2011
You can and should ASAP! Find a local Realtor who has short sale experience or can put you in touch with a short sale expert.

I wish you well.
0 votes
Francesca Pa…, Agent, Manasquan, NJ
Tue Aug 16, 2011
Marys,

Oceans Six has the experience you need. I personaly don't engage in short sales because you need a "staff" to response to these banks and Ocean Six has it!

Francesca Parizio, Broker Sales Associate, ePro SRES
Gloria Nilson REALTORS, Real Living
732.606.2931
Web Reference:  http://www.PatrizioRE.com
0 votes
Francesca Pa…, Agent, Manasquan, NJ
Tue Aug 16, 2011
Marys,

Oceans Six has the experience you need. I personaly don't engage in short sales because you need a "staff" to response to these banks and Ocean Six has it!

Francesca Parizio, Broker Sales Associate, ePro SRES
Gloria Nilson REALTORS, Real Living
732.606.2931
Web Reference:  http://www.PatrizioRE.com
0 votes
Lynda Anders…, Agent, Valparaiso, IN
Mon Aug 15, 2011
In Indiana you can. I suggest you talk to a licensed agent to get the service you deserve.
0 votes
Sheila Cross, Agent, Livermore, CA
Mon Aug 15, 2011
Hi Mary,
Yes you can, the first thing you need to do is contact a licensed Broker or Realtor and find out if there is a sale date on your house, that will help determine how far along in the foreclosure process you are. Your agent will most likely need to move fast, It will be helpful if you can gather the information requested by your agent quickly and completely.
once you have an offer on the property, the offer can be submitted and the sale date will most likely be postponed, giving you time to close on the sale and move! Best wishes and good luck!
Web Reference:  http://www.sheilacross.com
0 votes
James Unger, Agent, Buckingham, PA
Thu Aug 11, 2011
Hi Marys,
I have read all the responses below and I do not see any additional information as to if you owe more on the home then it is worth, nor how far into the foreclosure process you are.
I knew someone who thought they were in the process when they received the notice from the bank concerning the lateness of payments and the term foreclosure was in the letter. Now they owed much less then the market value on their home, and soon after they were able to catch up and are current.
Today is tough on people and when they are behind on their mortgage and the Foreclosure word is added to the stress, people start worrying so much it can cloud their thoughts on their options.
First and foremost you should talk to a lawyer who has dealt with foreclosures and find out if you owe more or less then what your home is worth. Depending on what the lawyer tells you and the value vs. the loan amount you could in best case sell your home and are able to have money in your pocket afterwards.
If after speaking with a lawyer and if you should want a Realtors assistance please feel free to contact me and we can then discuss further.
Best of luck and keep your head up and focused on the solutions that you have.
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Aug 10, 2011
You should based on number of reasons HOWEVER best refer your questions to listing agent who has all the details . Always better have home SOLD, or short sale than a foreclosure on your credit report

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
William Troy, Agent, Toms River, NJ
Wed Aug 10, 2011
Yes, you can. If you want to call me at 732 600 1570 or email me at wtroy@veltrirealtors.com I can give you more information. Keep in mind timing is everything, if a short sale is required the bank usually has a cut off date.
0 votes
Daniel Pujols, Agent, Edison, NJ
Wed Aug 10, 2011
Yes you can!!! Please call me @ 848-203-7123 or Email me @ danielpujols1@yahoo.com and we can discuses this.
0 votes
Eli Givoni-S…, , Boca Raton, FL
Wed Aug 10, 2011
Yes. If you owe more to the bank then the property is worth, you can do a short sale. Feel free to give us a call and we can explain the process to you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
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