Short Sale Info
We understand how emotional and sensitive the foreclosure process can be. Our goal is to not only help keep you from being foreclosed on, but to respectfully and sensitively guide you through the process. Many of our clients are hesitant and embarrassed when they make the first step. Please understand that this is our specialty and we know exactly what you are going through. We handle all of our clients with the utmost respect they deserve. For many years we have helped home owners avoid foreclosure by utilizing the tools available to them, mainly the short sale process. We have put together a few points that we feel will help you understand what steps to take in this process.
1. What is a short sale?
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.
2. Why Short Sale?
We understand unfortunate things happen even to the best of people. We have found that the majority of our short sale clients are caught in a no win situation and truly have no direction. The recent decline in home values in conjunction with escalating unemployment has had a devastating affect on home owners. Foreclosure seems to be the only option to many, but it is not. The short sale process allows the owner to negotiate with the bank to sell the home without taking a foreclosure mark on their credit. (which could last up to 7 years) This is where we come in.
3. Choosing your Agent:
Not every Agent is the same. The real estate professional you choose can be critical to your success when trying to execute a short sale. Your agent needs to be proven in the default industry and have a vast working knowledge of how the foreclosures and short sale departments within the lending institutions operate to truly be successful.
The Primeaux Team has successfully sold over 500 foreclosures or short sales in the past 7 years. Being leaders in our field and with the vast knowledge and experience, we have helped hundreds of people sale their home quickly and avoid the foreclosure process. Our team is one of the few real estate teams in Houston that can declare this. We have worked with many large financial institutions for years such as Bank Of America, Wells Fargo, Chase, Citi, Fannie Mae, etc. You don't want to risk such an important situation on an agent that your friend used to buy their house, etc... This is completely different.
4. Do you qualify for a short sale?
There are a few variable factors that will determine if you can qualify for a short sale. Most importantly you should know that you have options, but time is of the essence. If you are currently or about to be 30 days behind on your mortgage payment, we may be able to assist you.
5. When should you list your property on the market?
If you are reading this, we should have your property on the market now. Time is of the essence. There is a lot of ground we need to cover in order to save your home from foreclosure. The number one attribute of a failed short sale in our experience is the home owner waited too long. The easiest way to begin the process is to set up an appointment with one of our short sale specialist. Just simply fill in this short form and we will contact you right away.
