Short sale myth #10

"Belief #10) It’s good to submit simultaneous offers on short sales.

Some agents believe this is a good way to go but I do not. The seller is in control of the transaction and has to make the decision on which buyer to work with. The bank will typically not make a decision on a short sale unless..."

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Short sale myth #9

"Belief #9) Anyone can help negotiate a short sale.

Sure if you want to end up in foreclosure! You have to hire an agent with experience to help you through the process but you need a good attorney for legal advice. As an agent like I had said before I can..."

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Short sale myth #8

"Belief #8) Short sales rarely get approved.
This one got steam from too many agents who didn’t understand the process helping their buyers write on a short sale that only had a few months left on the redemption period. It also happens when a third lien holder will not work to come to resolution. However if you..."

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Short sale myth #7

"Belief #7) Short sales are as financially damaging to my credit as a foreclosure.

Again not true. If you do a short sale your credit will show late payments and that the debt was satisfied. The average person according to several financial experts will lose 100 points or so on their credit score depending on how long the short sale drags out and how many payments are missed. It typically can take 3 years or so to be able to qualify for another home loan. A foreclosure on your credit shows up as..."

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Short sale myth #6

"Misguided Belief #6) You must be behind on your mortgage to qualify for a short sale.

Not true, it’s the hardship that is the main qualifier for a short sale. There are some banks that will actually listen to you if you have not fallen behind. Before you just stop making payments consult an attorney to discuss..."

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Short sale myth #5

"Belief #5) A short sale in not worth the hassle.

It doesn’t have to be a hassle. If you choose the right agent to represent you, get an attorney and tax professional involved things can go smoothly. It starts with a game plan with options. The first thing is be honest with your..."

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Short sale myth #4

"Belief #1) Short sale negotiations are adversarial.

This is not the case at all. The biggest issue or problem is the amount of paperwork and the number of files the asset manager who is representing the lender/investor has to deal with. They are just trying to..."

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