The increase in the number of short sales in the Colorado Springs Real Estate market, and the short sales process itself present a number of problems for local agents, short sale sellers and buyers. My top 5 common issues in the short sale process include:
Inexperienced agents and lenders - Most agents have little experience with short sales. What makes matters worse is that many lenders' do not have enough employees and those they do have bring little experience processing short sales.
No industry standards - Each lender has their own specific requirements and processes for processing short sales. If you have no experience for point of reference you have no way of knowing what to expect or if you will be successful in avoiding foreclosure.
Who is your lender may effect the outcome -Results may vary from lender to lender due to internal policies. Some lenders are much more difficult to deal with than others. Timeframes may be longer and negotiations tougher. An experienced agent will know what to expect from which lender. This will better help you know what to expect up front.
Having a Second mortgage or equity line of credit - If you have a second mortgage or equity line of credit, the process is more difficult. Seconds have to be negotiated IN ADDITION to completing a short on the first. If they don't release, the short sale will not happen. You must know what powers you have in negotiating with the Second.
Having Buyers walk away at the end - This is a common problem. You get all the way through the process and the buyer is gone. What do you do? Buyers must be prequalified about the short sale process, in addition to their financing, before you sign the contract with them.
If you or someone you know is considering a short sale you must hire an agent who is experienced, someone with competent negotiation skills and who has an internal staff to monitor the process. The wrong combination of agent/lender/buyer may lead you straight to foreclosure!
Williams HomeSellers handles many short sales and has many references on which they base their reputation. If you are considering a short sale call Williams HomeSellers 719-646-2634 and ask for William Szilagyi Williams HomeSellers Colorado Springs Real Estate Fountain Real Estate
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