A Short Sale is when a property owner is selling their property (home, condo or land) for less than they currently owe on it.
As a real estate agent, it makes me cringe when I come across a short sale listing that's through an agent that doesn't specifically work with Short Sales. Unfortunately, it's not uncommon to find Philadelphia Short Sale Home Sellers using just any agent. Its the difference between making a bad situation go away and making it worse.
Its important to use a real estate agent that specializes, and has extensive experience in Short Sale procedures.
If for no other reason than that a Short Sale Specialist knows to negotiate directly with the lender on an amount they will accept on a property. Most agents don't know how, or even that that's an option and their responsibilty. The typical end result of that negotiation? The lender agrees to take lower than the amount owed. This allows the balance owed to be paid.
A Real Estate Agent that specializes in Short Sales and also in the Philadelphia Home Market can:
The truth of Philadelphia Short Sales is that some end in the seller walking away owing nothing - while others end in the seller walking away with considerable debt. You no longer own the home but yet you still owe large sums on it?
It makes sense working with a real estate agent that already has the correct and direct contacts at financial institutions. Getting your documentation, to skip a few levels, so it ends up on the right desk, saves both time and money. Submitting the correct paperwork and knowing more than the lender are equally important.
The reality of Philadelphia Real Estate is that good agents typically oversell (on average) the home market by $15,000.00; while bad agents typically undersell the home market (on average) by $15,000.00 less. The difference is $30,000.00. With the Short Sale process requiring such an expertise, we have to assume the above numbers are even more extreme.
If relying on the above numbers; would you like to walk away from your Short Sale Home Sale owing $30,000.00 more, or $30,000.00 less?
Contact us and we will send you information about our Short Sale solutions.
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