For the last few years, most of the conversation around real estate has been about equity. Home values went up, many sellers made money, and it became easy to assume that every homeowner was in a strong position.
That is not always the case.
Sometimes life changes. A job is lost, income is reduced, a divorce changes the household finances, medical problems come up, or the house suddenly needs an expensive repair. Any one of those things can be enough to make a home that once worked financially no longer work.
In some cases, the amount owed on the home is more than what the property can realistically sell for. That is when a short sale may be an option.
A short sale means the mortgage company agrees to accept less than the full amount owed so the home can be sold. The bank has to approve it, and there is usually quite a bit of communication, paperwork and negotiation involved.
We have a lot of experience with short sales and with working directly with mortgage companies. We know how to help put the file together, communicate with the lender, respond to what they need and negotiate on behalf of our clients. It can be a slow and sometimes frustrating process, but knowing how to work with the bank matters.
We also understand that not every homeownership story turns out exactly as planned. Sometimes people simply get hit with circumstances they did not expect. There is no judgment from us.
If your house has become difficult to afford, or you are worried that you owe more than you can sell it for, it is worth looking at the numbers before assuming you are stuck. We can help you figure out what the home may sell for, what is owed, and whether a short sale makes sense.
If it does, we can help reach out to the mortgage company and get the process started.
Our job is to help you understand your options, work with the bank, and help you find the best way forward. Give us a call and let’s talk through the options!