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Welcome > For Sellers >
Short Sales ...
For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale." Short sales once were extremely rare. But now, with unemployment climbing and home values down, more homeowners are pursuing short sales when they can't afford their mortgage. About 11% of all sales transactions in June are such short sales, according to the NAR.
For lenders, a short sale may save as much as 30% of the expense incurred by going to foreclosure.
For homeowners, a foreclosure wreaks longer-lasting damage to their credit records. A homeowner who has gone through a short sale typically can get a new home loan in one to three years, according to the NAR. A foreclosure usually means it takes seven.
Hire an Agent with Short Sale Experience Its one strike against you if the listing agent has never handled a short sale, but it's even worse if your own agent has no experience in that arena. You need an experienced short sale agent.
An agent with experience in short sales will help to expedite your transaction and protect your interests. You don't want to miss any important detail due to inexperience or find out your transaction is not going to close on time because no one has followed up in a timely manner.
The Davis Team of Realtors has the experience to guide you through the short sale process. We understand that this is a sensitive time for you. If you have a hardship let us help you avoid foreclosure and save your credit. Our services are completely free to you and we will provide you with relocation expenses.  | • | We’ll list your house for free. That’s right there’s no charge to you the homeowner | | • | We negotiate directly with your bank to get your property sold and help you avoid a foreclosure | | • | We will get your foreclosure sale date delayed while we negotiate a short sale | | • | We provide your relocation expenses up to $500 upon a successful closing | | • | Enroll you in our credit plan to help you get back in a financial position to purchase another home |
Disclosure Laws >What Sellers Might Disclose
Most states require a home seller to provide the buyer with some type of disclosure form. What might the seller have to disclose?
A Residential Property Disclosure Form requires the home seller to disclose facts about the home's heating, wiring or plumbing systems, including any defects that may exist, such as leaks in the roof or cracks in the foundation. If something in your home is not working properly or needs repair, you will need to either fix it or disclose the material defect to the prospective buyer. There are other disclosure forms, unique to each local area, that require sellers to disclose negative environmental factors or local building code issues. A lead-based paint disclosure form is required for homes built prior to 1978.
State legislatures and courts all over the country have passed laws regarding concealing defects from an agent or buyer. Ask your real estate agent about your obligations as a seller regarding disclosure.
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What are three of the best indicators of real estate market trends?
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Existing home sales, new home building and mortgage interest rates.
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Diamond NUMBER1EXPERT®
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All rights reserved. All information deemed reliable but not guaranteed.
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