Chris Hounchell is a Certified Distressed Property Expert (CDPE) who received training through the Distressed Property Institute.
A short sale results when the lender agrees to accept less than the amount owed as a payoff on a loan.
There are definite advantages to short sales for both buyers and sellers. Navigating through what can be a complicated, emotional and time-consuming process can become overwhelming. Chris Hounchell is an experienced short sale and foreclosure real estate broker with over 100 short sales closed. We are a highly qualified team of professionals and are ready to serve your short sales and foreclosure needs.
Buyers – Trust an Experienced Short Sale Broker
Buyers pursue short sales because they feel they can get a good deal. While that’s often true, short sales can be much trickier, more complex and time consuming than a conventional purchase. Proceed cautiously and with a healthy dose of patience. It’s extremely important that you hire an experienced short sales and foreclosure real estate broker.
Keep in mind that the lender does not own the short sales property but still must approve the sale, as it is the lender and not the seller who will take a loss.
It is crucial that your REALTOR thoroughly research and identify who holds title to the property and how much is owed to the lender in order to help determine what your initial offer will be. Be aware that most short sales properties are purchased on an “as is” basis. The lender will probably not pay for inspections or repairs and in most cases will not lower the price if problems become evident.
Do your homework. Hire an experienced short sales real estate expert. Be prepared to wait. It’s not uncommon for short sales transactions to take four to six months to complete, however, typical transactions are completed within three months. On average, it can take 40-100 hours of phone time alone to negotiate a short sale. And be prepared to move on if the price is not right, the lender is dragging its feet or if problems are revealed that will result in you exceeding your budget.
Chris Hounchell has closed over $20 Million in short sale transactions. Chris has developed a system for selling distressed properties that has resulted in a closing ratio more than double the industry average. We are prepared to work with you on selling your short sale property, or your short sale purchase, and can expedite the process while protecting your interests.
Sellers – Get Advice From a Short Sale Real Estate Professional
Short sales can be a viable option for homeowners who owe more on their property than what the market is willing to pay and for whatever reasons, they are unable to continue making their mortgage payments. It can be an attractive option for a homeowner who needs to get out from under an unmanageable loan as well as for a lender, as they can remove the property from their books and save money they will otherwise spend on legal fees and carrying costs.
If a homeowner is unable to make mortgage payments and negotiate a loan modification, his or her lender may suggest listing the property for short sale with a real estate broker. If you take this step, again, be sure to hire an experienced short sales realtor.
When choosing a REALTOR, you’ll want someone who will honestly portray the state of the short sale market and will be equally honest about what you can expect in terms of a sales price; do not be led astray by “too good to be true” claims and use your common sense. Your agent should treat a short sales listing just as he or she would a conventional listing, i.e. you want your REALTOR to have a positive, aggressive attitude and approach, and you want absolute trust that they are committed to achieving your goals.
Initiate the short sales process as soon as you realize you can no longer afford the mortgage. We understand this can be a difficult, emotional decision, but once you come to terms with having to make the decision, make it. You’ll sleep better and you’ll be in a better position to move on with the rest of your life. This will also allow your REALTOR to market the property properly and may result in higher offers. The earlier you begin, the better the likelihood of success and the less you will pay in maintenance, taxes, insurance, utilities, etc.
Remember that once you have a qualifying bid on your house, you still must obtain the lender’s approval before you can move forward. An experienced real estate broker with a strong track record of short sales will be in a position to negotiate with your lender to see that your house is priced to sell quickly, which is your ultimate goal.
Frequently Asked Questions About Short Sales
Contact Chris Hounchell as your listing Broker for real estate Short Sales. He’s an experienced Short Sales and Pre-Foreclosure REALTOR ready to assist you.