So, you might have found yourself in a bit of a financial rut and you may understand that you’re headed for foreclosure. If you feel you are just about out of options, a Pennsylvania short sale may just be for you, as the homeowner, the best alternative, especially if you don’t want to face the consequences of having to go through the foreclosure process.
But first things first, what is a short sale? Simply put, a Short sale is when a homeowner cannot afford any longer to make mortgage payments and is on the verge of being foreclosed upon. You can then contact your lender and ask if you can short sell the property in question at a loss instead of the bank foreclosing. By doing so, the homeowner prevents getting an ugly foreclosure on their credit and also gives them more time and alternatives when it comes to their next step. So the next question is, is it easy to do or should the homeowners ask for assistance?
Never do it alone
Asking for help is never bad, especially if you have no idea on how something this complex works. Short sale dealings are one of those things that might sound really simple at first, but requires an individual that knows precisely what they’re doing, why they are doing it and when they are going to execute the plans to kick it in motion. This is where talking to a Pennsylvania Short Sale Realtor will be a big help. While you can do it the easy way and go directly to a bank or lender to ask them for short sale advice, there will still be tons of legal aspects that you might not be able to understand. Coupled with the fact of a looming property foreclosure and that you will still have to involve a real estate agent in the process at some point anyway. You need to find a Realtor who specializes in short sales.
Remember to choose wisely
With that in thought, how does a homeowner decide the correct Short Sale specialist and what are the points to consider when hiring one? Below are some useful questions to ask a West Lawn Pennsylvania short-sales Realtor:
• Ask about their experience and qualifications – this could be a really cliché topic for most Pennsylvania short-sale agents, but it is very critical that the homeowner gets a really clear answer when this question is asked. This is a simple step in the experience and actual knowledge of the specialist when it comes to short-sales and whether he can successfully represent you in the deal. It is also very important to ask about the short-sale Realtor’s qualifications and their education so that you can safely assume that they have enough knowledge to push the deal through. Some important questions to be asking are the number of years he or she has been dealing with short-sales, their affiliations and the type of deals that they have successfully helped close.
• Ask about the number of deals the agent has successfully closed – while volume is not a predicament for the homeowner, they still might want to consider the number of successfully closed deals that the West Lawn Pennsylvania Realtor helped complete. “A lot” does not count as an indefinite answer and the homeowner may want to reconsider getting the services of the Realtor that offers them a vague answer like that.
• Ask about the number of deals that they are currently handling – while it might be impressive that a Realtor closed hundreds of successful deals, it might be good to ask them about their current status. It might be tempting to hire the busiest of the Realtors due to them having many clients definitely says a lot about their reputation, but the sheer volume of their deals might affect their performance on closing your deal.
• Ask about YOUR schedule and time line – It is important that the Realtor knows your schedule so that they can adjust their priorities according to the deadline assigned to you by the lender or the bank
• Ask about their strategy and how it affects your schedule – a Pennsylvania short sale Realtor having a definite strategy or plan of attack might be encouraging to a homeowner especially if there is a tight time line that should be followed
• Ask about their fees – this is probably one of the most important questions to be asking. Usually services to the homeowner are completely free and are paid for by your lender! No costs or out of pocket expenses! Be careful of any agent who wants to charge you fees. If anything, many sellers are able to get money back the lender short sale incentive programs.
•Planning for the next step
The next step is the one that is significance: ask for the West Hill short sale specialist you just hired to come up with effective steps to short sale your home and what you need to know to effectively complete a short sale, for example: you will need to produce a Short Sale Package which will contain important financial documentation in regards to your financial hardship. It is always important to bear in mind that the short sale agent is there to make things easier for you and to offer service when needed but not hold your hand completely throughout the transaction. The most effective Realtors are the ones who seem to be doing most of the legwork, but in reality are executing and educating you on how to properly position yourself and your property to close on the deal.
Short selling a home can be a difficult process and requires experience and expertise. So, you need to make sure that you have a Realtor who can communicate efficiently with you as well as your lender. Additionally, they must fully understand the entire short sale process and have the ability to efficiently close the deal. With that said, our networks of dynamic Pennsylvania Short Sale Specialists have extensive experience in successful completions of Pennsylvania short sales. I strongly encourage you to contact us and let us help get you on the right track!
Comments or questions are welcome.
- Pennsylvania Short Sale Specialist (mabeldaviskw.wordpress.com)
- How Long Should I Wait Before I Contact a Short Sale Realtor (jose747.wordpress.com)
- Realtors: Short sale process still too tough (lansner.ocregister.com)
- How To Get Out From Underwater With A Short Sale (debtconsolidationusa.com)