Short Sales vs Foreclosures

I have recently had a few people that I have been talking to about short sales over the past several months come to me with great urgency for help.

Both just had foreclosure (NOD) notices taped to their door, which signifies the start of the formal foreclosure process.
The foreclosure process takes about 121 days to complete before the bank can sell your house at the trustee sale.

A typical short sale can take 2-4 months from the start of processing, but that is under the most ideal circumstances and I am sure most of you have heard that things rarely go smooth during these transactions. That being said, it is not necessarily too late but it definitely does limit our choices and makes things tougher.

Banks have started to get stricter on foreclosure postponements during short sale processing so the longer you wait to start the short sale (if that is the best decision for you) the less chance of success we will have because we have little room for error (or losing a buyer, or changing negotiators, etc).

The main point of this email is to let you know that if you are considering your options on what to do with your home do not procrastinate!

Meet with the appropriate professionals (CPA, attorney, financial advisor, etc) and form a game plan sooner rather than later. It could mean the difference in a successful short sale with the best of outcomes (full release from the deficiency without contributions) to a foreclosure or possible bankruptcy (if sued by the bank). If you have any questions or want to meet for a confidential consultation about your options please email or call me.

They are always free. I am a very good source of real world information (aside from your uncle Joey in New York of course!).



Also, please forward this to anyone in your database that may appreciate the information!