PROTECT YOUR CREDIT! Successful short sales are possible

by Georgi

Due to its’ complexity, many agents, buyers and sellers are afraid of a Short Sale. They can be successful when properly managed. FannieMae issued policies on June, 25, 2008 that can allow you to purchase a home 3 to 5 years sooner if you dispose of your property by short sale rather than by foreclosure.

A boatload of bad advice is being offered to people who are in trouble with their home loans. In order to cure some of the more common mistakes we offer the following observations:

1. In Arizona it is called a “Trustee Sale” (commonly referred to as a foreclosure) when the bank sells your home for non-payment.
2. You can short sale your home while you are current on your payments. Your credit report will show no late mortgage payments and after the sale they will report “Mortgage paid in full for less than agreed”.
3. It is best to call your bank and list your home before you quit making payments and move into foreclosure. The sooner we talk to the bank the better.
4. NEVER move out of your home or have your tenant move during the short sale or foreclosure process. The banks do not want the property vacant during the short sale process. Vacant properties can get vandalized.
5. Take good care of your home, it will allow it to sell quicker and keep your home out of foreclosure.
6. An agent can list their own home as long as they are not paid a commission.
7. The bank will not throw you out of your home until after they give you a 90 day notice in writing called a “Notice of Trustee sale”.
8. If you have a viable offer and someone working with the bank a “Trustee sale date” can be postponed.
9. “Buy and Bail” where you buy a new home, then go into foreclosure on your old home usually involves fraud that can be prosecuted with up to 3 years in jail. Agents and lenders who engineer “buy and bail” scams can be prosecuted for recommending this type of activity to their customers.
10. We will Professionally Transaction Manage your Short Sale for no cost to you. We are paid by the bank or the listing agent.

Prevent foreclosure – save your credit

Call Georgi Stratton from Reliable Property Solutions

Direct: 480.695.6565, Fax: 480-699-8853, Email: georgi@reliablepropertysolutions.com