How to Make the Most of a Short Sale

You work, save, and search until you find the perfect home but a single financial setback can put you at risk for foreclosure. Selling your home is usually the most efficient option to relieve you of your financial obligation. If your financial crisis has left you owing more than your home is worth, a short sale is often your most practical choice. An experienced realtor can help you make this decision into an opportunity.

Consider All of Your Options

Before you decide what to do, take a look at other alternatives. If you owe extensive medical bills, credit card debts or other obligations, you may see bankruptcy as a better solution. If you’re bouncing back financially and can now afford to pay your mortgage, you might be able to work out a payment arrangement with your mortgage company.

Find a Real Estate Professional With Short Sale Experience

Short sales are more complicated than traditional real estate sales, so approval often takes months. Your mortgage company requires strict compliance with their procedural guidelines and an inexperienced Agent can jeopardize the process. To ensure approval, your Real Estate Agent must submit properly executed documents as required.

Consult With a Real Estate Attorney

Even if your mortgage company is reviewing a buyer’s offer for approval, they may still file a foreclosure complaint. If you receive a complaint, a Real Estate Attorney can protect your financial and legal interests. Attorneys guarantee that contract provisions are fair and properly executed.

Have a Back-Up Plan

If you sell your home, it’s usually better for your mortgage company than a foreclosure. They get a reasonable price and they save time and legal fees but they may file a foreclosure complaint anyway. You should notify your Attorney if you receive any legal documents from a Connecticut court. Your Attorney can advise you what to do next.

If your Attorney recommends mediation, you must return the Foreclosure Mediation Certificate to the court by the answer date. Court-appointed mediators review your circumstances and recommend alternative solutions such as mortgage reinstatements, repayment plans, and loan modifications. The mediation period lasts 7 months during which you can continue your efforts to complete your sale.

Don’t Wait Too Long to Make a Choice

A short sale isn’t the optimum way to sell your home, but it allows you to take control of the process. You get to find a buyer, sell your home through traditional channels, and avoid an embarrassing courtroom process.

You don’t want to walk away from the home you love, but if you don’t do something, your mortgage company will make the decision for you. If you wait too long to make a choice, you’ll likely lose your home. You may also be responsible for court costs, legal fees, and a deficit judgment.

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Our real estate professionals have the expertise to handle complicated short sales. Call us at (860) 323-8020 to learn more about Brooke Group Real Estate and schedule a free consultation.

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Brooke Group Real Estate

Brooke Group Real Estate
6 Station St Simsbury, CT 06070

860.323.8020
Info@BrookeGroupRealEstate.com

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Brooke Group

Join Our Team!

We have a phenomenal team of Agents and are continuing to grow. If you’re interested in a career in real estate, or are looking to join our team, contact us!

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