Short sales specialists can assist homeowners who can no longer afford their properties. They have experience with loan company loss mitigation departments and knowledge of applicable laws. They help homeowners write hardship letters, obtain lender approval, and list and market the property. Buyers can also engage their services.
Short sales specialists can help struggling homeowners sell properties they can no longer afford. It is common for a short sales specialist to have experience dealing with loan company loss mitigation departments and extensive knowledge of applicable laws or regulations. Most short sales specialists are real estate agents or brokers, although some attorneys also have extensive experience in the field. These specialists often help a homeowner write a hardship letter, obtain lender approval, and list and market the property. Interested buyers can also engage the services of a short sales specialist if they want to buy real estate under these conditions, as the process can be a little more complex than buying other homes.
All short sales involve selling real estate for less than what the bank is owed, usually due to the collapse of a housing bubble or multiple mortgages. Homeowners can find themselves in this situation for a number of different reasons, such as prolonged unemployment, illness, or other sources of financial hardship. In most cases, they will foreclose if they cannot sell their home, which can have lasting negative financial impacts. To sell the house and avoid these consequences, a short sales specialist can be called in.
The first step a short sales specialist will often take is to determine how much the homeowner owes and what price the property is likely to fetch in today’s real estate market. This information can be helpful in writing a hardship letter, which the homeowner typically sends to the lender to request authorization for a short sale. Since the expert is often experienced with this process, he or she can help the owner write the letter by providing helpful advice and information. In some cases, the specialist may also interact directly with a creditor’s loss mitigation department.
After obtaining authorization from the lender, the short sales specialist can list the property on the local multiple listing service (MLS) and attempt to locate buyers. There are sometimes specific regulations regarding the disclosure of information in short sales listings, so the specialist is usually familiar with these items. Short sales specialists are also often well-versed in regulations governing interactions with appraisers and other potential pitfalls during the sales process.
As the lender is typically not obligated to follow through with a short sale, a specialist will usually choose to liaise with their loss mitigation department. Any disagreement between the lender and the homeowner can cause a short sale; therefore, an agent, broker, or attorney involved in these transactions typically must remain vigilant. Potential buyers are often not aware of these factors, so they might as well benefit from the services of a short sales specialist.
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