In our current real estate environment many home owners who want to sell
are uncertain as to whether or not they can - or if the really should. Home owners with too much debt on their homes may feel
like selling is not an option. Others who want to move up into larger homes, or downsize into smaller ones, have similar concerns
about the market. Some of the more frequently asked questions:
Q. My property value is down from what it
was, but I really want to sell and move into another house. Should I wait for the market to come back?
A. As
long as you buy and sell in the same market (the same market conditions) then the timing does not make much difference as
long as you can sell your home without it being a "short sale" making sure that you can buy another home as planned.
Q. I owe more than my house is worth, can I still sell my home or do I have to go through foreclosure?
A. If you owe more than your home is worth and you would like to sell your home then you probably
can sell your home on what is known as a "short sale".
Q. What is a Short Sale and will I owe
the bank any money after my house is sold?
A. A short sale is where a home is sold for less
than what is owed on the property resulting in the sales proceeds being "short" of what is owed. Hence the term
"Short Sale". Depending upon the type of financing you have on the property you may or may not owe money after
the short sale has occurred.
Q. How long does it take to sell a home on a short sale?
A.
It can take anywhere between 45 days to up to several months or more. It all depends upon the existing lenders and how quickly
they respond.
Q. Do you do short sales?
A. Yes we do. We've
represented both buyers and sellers in the short sale process.
If you are considering selling
or buying why not consider contact us. We'd love to be or service.