Short Sales Knoxville – Is every overleveraged Listing a Short Sale Candidate?
Short Sales Knoxville – Is every overleveraged Listing a Short Sale Candidate?
Is every overleveraged Listing a Short Sale Candidate?
No.
How can you tell which ones are and which ones aren’t? It’s not science and it’s not art, at least not entirely. It is truly a moving target.
How can one tell? What are the steps to making an informed decision?
First, gather all the information that is required by the Lender that you will be attempting to Short. If you have more than one Lender or Lien Holder (more than one mortgage or a non mortgage lien holder) you will need to have the right information for that Lender (we will refer to Lender or Lien holders as Lenders) when attempting to Short them.
Next, have a method to compare the information that you have gathered and the information that is required by that Lender.
Next, decide.
This decision will play an important part of your life and few other lives in the next few months, or even the next six months or longer.
Your time, the Lenders time and money, and most importantly… the homeowners future.
Sometimes you have to say, NO.
But, what if you said no, and it wasn’t based on the right information or the right formula for evaluation of the situation? What if the Lender just changed their guidelines for acceptance…just yesterday?
Is a Short Sale the ‘right’ solution for the homeowner? Only the homeowner can decide this. Is a Short Sale a technical possibility for this specific homeowner, with this specific lender, on this particular day?
This is where Short Sale Specialists come into play.
There are software programs that evaluate the feasibility of a particular situation and give you a purely technical answer.
There are various methods of staying current in today’s marketplace as to which Lender is more likely to do a specific thing on a particular day.
Then there is the necessity to have the physical systems in place to track everything that takes place in a Short Sale and be able to tell everyone involved exactly what is happening, what has happened, and what will likely happen next.
Do you have time to do all of this and still find time to list and sell houses? Now you do…there are many outsourcing solutions available to handle the technical aspects of Short Sales… that will make you the Short Sale Hero! Let your Homeowner decide if a Short Sale is the right decision for them after a Short Sale Specialist makes an informed decision that it is technically possible.
Short Sales Knoxville - a blog
Written by Craig Thibodeaux, a Short Sale Specialist.
