In this case, I refer to the lesser of two evils as a short sale. Not only in Irving TX, but all across this nation banks and homeowners are at the ends of this dilemma. The first "evil" being that a homeowner is no longer able to continue making their mortgage payments. Sadly, 1-2 out of every 10 homeowners is completely unable to make his/her mortgage payments, and is already in foreclosure proceedings. While, 3 out of 10 are struggling to keep up with their payments, and just a matter of time before they also face foreclosure. This average continues to grow at a phenomenal rate. Unemployment, sickness & health issues, divorce, and death are all major contributors to this crisis.
The second is that banks are forced to foreclose on certain homeowners. All across the nation, the number of foreclosures that continue to happen is staggering. These financial institutions have a responsibility to their investors… They have to “try” and recoup as much of their investment as possible, even if it’s the property itself. The last thing banks want to do is add to the “homeless” population. This only declines the dignity and values in the family circle. Great communities are built from strong family ties with “pride of ownership”, children do better in school, and this in turn causes growth.
The solution to this crisis is the Short Sale. If a homeowner is helped to “see” that selling the property may be the only solution to actually help their situation, they will be more inclined to do so. Homeowners still need to be educated on this, banks already know this. The 4 major banking institutions (BofA, Citi, and Wells & Chase) are already seeking the assistance of trained, experienced real estate agents that know how to do short sales successfully. The banks are all too familiar with the costs of doing a foreclosure. While they are willing to “take a hit” financially, all is not lost when they agree to do a Short Sale. They would much rather get something, than pay attorneys and get almost nothing.
The Short Sale Process is complex, and not recommended for every agent selling real estate. Each lender and loan type has a different set of requirements. The commitment and dedication has to be there or you could be adding to the crisis by shattering the hopes of others.
Are you ready to “step up to bat”?