{"id":6147,"date":"2021-02-05T08:50:40","date_gmt":"2021-02-05T13:50:40","guid":{"rendered":"https:\/\/dankrell.com\/blog\/?p=6147"},"modified":"2021-02-05T08:50:44","modified_gmt":"2021-02-05T13:50:44","slug":"short-sale-home-selling","status":"publish","type":"post","link":"https:\/\/dankrell.com\/blog\/2021\/02\/05\/short-sale-home-selling\/","title":{"rendered":"Short Sale Home Selling"},"content":{"rendered":"\n
\"short
Housing Market Expectations 2021<\/figcaption><\/figure><\/div>\n\n\n\n

As you probably know, it\u2019s been a sellers\u2019 market with many listings getting multiple offers.\u00a0 With such a strong housing market, it would seem unthinkable that some home owners would be underwater on their mortgages when selling their homes.\u00a0 But the fact remains that there are many home owners who have to go through the short sale home selling process to sell their homes.<\/p>\n\n\n\n

On the face of it, the January 14th press release<\/a> from ATTOM Data Solutions (attomdata.com) seems to add credence to the housing market\u2019s strength, touting that foreclosure activity is the lowest in sixteen years.\u00a0 The report stated that default notices, auctions, and repossessions decreased 57 percent from the previous year, and decreased 93 percent from 2010\u2019s peak would seem to be terrific news.\u00a0 But the low foreclosure activity stats are actually a manifestation of a government moratoria on foreclosure activities that was imposed due to the pandemic emergency.\u00a0 <\/p>\n\n\n\n

Rick\nSharga, Executive Vice President of RealtyTrac, an ATTOM Data Solutions company,\nstated \u201cThe government\u2019s moratoria have effectively stopped foreclosure\nactivity on everything but vacant and abandoned properties. There is a backlog\nof foreclosures building up \u2013 loans that were in foreclosure prior to the\nmoratoria; loans that would have defaulted under normal circumstances; and\nloans whose borrowers are in financial distress due to the pandemic.<\/em>\u201d  Further commenting on the foreclosure backlog,\nSharga believes that the foreclosure wave won\u2019t be as bad as what occurred\nprior and during the Great Recession. \nBut he cautioned that we won\u2019t know how large the foreclosure wave will\nbe until the moratoria expires.  <\/p>\n\n\n\n

So, in the face of a strong housing market, there are many home owners who need to sell<\/a> (due to job loss, job relocation, divorce, etc.) but can\u2019t because the proposed sale price is short of the amount needed to cover the costs of selling (which typically includes mortgage, closing costs, realtor & title fees, etc.).\u00a0 This is where a short sale can be considered.<\/p>\n\n\n\n

A\nshort sale is basically when your sales net isn\u2019t enough to pay the mortgage(s)\non the property.  In many cases, short\nselling home owners don\u2019t have the funds to make up the shortage needed at\nsettlement.  Instead, they seek lender\napproval to allow a lower mortgage payoff in order for the transaction to\nclose.  Because short sales have become a\ncommon form of transaction in the real estate landscape, the process has become\nmore standardized since the Great Recession. \nAlthough the typical time to complete a short sale can take three to six\nmonths, short sales can take as little as forty-five days.  However, it\u2019s important to note short sale\napproval can also take more than six months. \n<\/p>\n\n\n\n

Although\nthe core process is the same, lenders have different requirements when\ncollecting information and conducting their due diligence.  Having a professional negotiator helps\nfacilitate your short sale.  Seasoned\nshort sale listing agents typically work with experienced attorneys to negotiate\nand handle the process.  <\/p>\n\n\n\n

If you are thinking of short sale home selling, interview several experienced and local<\/strong> short sale agents.\u00a0 Ask about their track record for successful short sales and how they work on your behalf to get the job done.\u00a0 Also talk to their negotiator, and ask about their track record in successfully negotiating short sales.\u00a0 \u00a0<\/p>\n\n\n\n

When considering a short sale, consider all your other options as well and get professional advice from an attorney and CPA to determine your best solution.\u00a0 <\/p>\n\n\n\n

By Dan Krell
Copyright \u00a9 2021<\/p>\n\n\n\n

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Disclaimer<\/a>.\n This article is not intended to provide nor should it be relied upon \nfor legal and financial advice. Readers should not rely solely on the \ninformation contained herein, as it does not purport to be comprehensive\n or render specific advice. Readers should consult with an attorney \nregarding local real estate laws and customs as they vary by state and \njurisdiction. Using this article without permission is a violation of \ncopyright laws.<\/p>\n","protected":false},"excerpt":{"rendered":"

As you probably know, it\u2019s been a sellers\u2019 market with many listings getting multiple offers.\u00a0 With such a strong housing market, it would seem unthinkable that some home owners would be underwater on their mortgages when selling their homes.\u00a0 But the fact remains that there are many home owners who have to go through the … <\/p>\n

Continue reading “Short Sale Home Selling”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[123,382,32,13,1170],"tags":[912,797,517,507,480],"class_list":["post-6147","post","type-post","status-publish","format-standard","hentry","category-home-sale","category-home-seller","category-home-selling-strategy","category-real-estate","category-selling-a-home","tag-home-seller","tag-real-estate","tag-selling-a-home","tag-selling-strategy","tag-short-sale-2"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p1VZLf-1B9","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/6147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/comments?post=6147"}],"version-history":[{"count":2,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/6147\/revisions"}],"predecessor-version":[{"id":6150,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/6147\/revisions\/6150"}],"wp:attachment":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/media?parent=6147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/categories?post=6147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/tags?post=6147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}