Short Sale Process Instead of Doing a Foreclosure?

Do you own Branson real estate or Table Rock Lake real estate and find it difficult to make your payments? Are you a buyer searching for Branson MO homes for sale, either as an investment property or place the homestead? There are benefits whether you're a buyer or seller when it comes to the short sale. So let's take a few moments to examine the short sale process.

Short Sale Process for Sellers

When you realize that you may not be able to make your house payment any longer, that's the time to start the short sale process. As for contacting a Realtor®, keep in mind it’s not always about what they know, but also who they know for a successful short sale. That's why you need a Realtor® experienced in the short sale process, but also one who has connections to lenders and other banking industry experts.

It's the Realtor’s® job to match you with their buyers, or other agents’ buyers, searching for short sale properties. Once the price is established, the bank is contacted and asked if they will accept the lower figure. Lenders often consider the short sale process because they realize foreclosure is costly. In fact, by doing a short sale, the bank often earns more money than if they repossessed the home and try to sell themselves. Once the bank accepts the offer, and the home closes, the short sale appears on the seller's credit report for 2 to 3 years. While this is considered a blemish, it's not nearly as financially devastating as a foreclosure.

Short Sale Process for Buyers

If you're looking to buy a short sale, the first step is financing. Be armed with your pre-approval, and then locate a Realtor®, or team, familiar with short sales. The reason for the pre-approval is timing. Quite often, time is of the essence when it comes to short sales. Short sale Realtors® will have a list of sellers interested in the short sale process. Many times a Realtor® will suggest how much a short sale should be listed for. In addition, many Realtors® will deal directly with the bank decision-makers to expedite the short sale process. Of course, there are times when a short sale offer you place is rejected or the home ends up going into foreclosure before you have the opportunity to close. But if you're looking for a fantastic deal on a home, while also helping someone out of a difficult situation, then a short sale might be for you.

Short Sale Realtors®: Your Experts at Gerken & Associates

Whether you're a buyer or seller interested in the short sale process, be sure to contact us. We'll be happy to show you, step-by-step, how it works. For your no-cost, no-obligation consultation, simply call or e-mail Gerken & Associates today.