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About Connie Wildasinn-Broker,RealtorŪ
Expertise
Broker, RealtorŪ, Investor since 1979. Buying or Selling Residential and Income/Investment Properties, How to understand the process, how to negotiate through the transaction, What to Look for - But more importantly 'What to lookout for!', How to tell if the time is right - or hold on and wait. Why not to listen to your friends and even your family members, Who really has your best interst at heart?. Understand why any market is a good market and how to spot a good investment for you!
Experience
4th generation realtor in the real estate business, I have over 2 decades of helping clients buy and sell, I am the owner of a local brokerage in the Los Angeles/Long Beach area, and have been a top producing agent in the area since I became licensed. Working through a deal is different to every client, no two people or deals are exactly the same. Knowing how to bring professional advise to the table with clear and concise understanding of real estate world. I can help you handle your buying, selling and investing, managing a 1031 Exchange, working with Equity Sales, Probate, Pre-Foreclosure Regular and Short Sales there is little that I have not seen come across my desk over the decades!
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Opened up Independant Brokerage WGA in 2006, currently employ 30 Realtors and growing.
10 years running top selling agent in Long Beach, South Bay area California.
Top Producer 5 years straight Re/Max, C21, Realtyworld.
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upon request
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You are here: Experts > Shopping > Home Buying/Selling > Buying or Selling a Home > Short Sale Questions
Expert: Connie Wildasinn-Broker,Realtor® - 11/7/2009
Question
QUESTION: Hi. I am hoping you can help me with some questions. We are currently trying to sell our house and we have to do a short sale because it is appraised at over $50,000 less than what we bought it for. We would prefer not to even sell our house right now but my husband is in the military and he is due to transfer out next summer.
Anyway our house has been on the market for almost a month now and we have not had even one person come to look. I am thinking the problem is that when people find out it is a short sale, they will not even bother coming to look because they know short sales can take a really long time. So that is one problem we are having... The other is that we dont even know for sure that we will be able to get a short sale approved.. Our bank has just told us that we have to wait until we have a buyer and then submit the paperwork for a short sale.
Also, I am hearing that you are not likely to get a short sale approved if you are not having major financial problems. We are doing ok, my husband is very good with budgeting our money.. Our mortgate payments are on time and we dont have outstanding bills. So we are wondering if we would even qualify for a short sale in the first place.. Unfortunately we cant get any info from the bank about if we would or not, so this is a really frustrating situation.. This is why I am trying to find out what would be the best next step for us. Should we just wait until we get a buyer (if we ever do) and then just hope we get a short sale? Or is there anything else we can do right now to help ensure that a short sale would be approved?
This is a really tough situation and I am not quite sure what to do next. I would like to rent out our house but my husband doesnt like the idea at all since we would be living out of state and would probably lose a couple of hundred dollars a month, especially since we would need to get a property management company..
So, if you have any advice for us on the short sale situation, I would really appreciate it. Thanks so much for your time!!
Jennifer
ANSWER: Hi Jennifer... Congratulations on trying to be a good citizen... now go and see a real estate attorney, get some quick insight on what your situation will require to get the short sale approved.
Unfortunately with the payments current the chance of the bank looking at you for the short sale are slim, they are dealing with borrowers who have not paid in months some close to a year +.. so if you are current.. there is just no incentive...
You may want to try a loan modification.. if you can get the payments lowered then when your husband is deployed, I believe they have stays you can ask for.. but again check with your bank and see if they will do anything.. get in their face.. keep calling back because the next person you talk to could have your answer..keep a list of calls, person you spoke with, time and response... you may need this later..
If you do continue with the short sale.. reduce the price until you get an offer... sitting on the market is stupid... it means you are over priced... a buyer must see the value.. or they will buy something else... get aggressive!
Lastly if you can rent... keep the property and rent.. but be in the black, don't go into the red to keep a property...unless your credit is paramount to you.. you really have to weigh in all the options.. and you need to see a financial advisor, tax advisor, and attorney (BK) you need to know what will happen with each of your different options..
Lastly there is also deed - in - lieu... hand the bank back the keys.. they must agree other wise they foreclose the property...
Sorry there is no right answer for everyone... you have some homework ahead of you.
---------- FOLLOW-UP ----------
QUESTION: Just one other question, with the deed in lieu, how far behind on your payments do you need to be? Thanks again
Answer
Hi Jennifer...
Deed in lieu ... not all banks accepts... you need to call yours... if indeed they will take it back and what qualifications you must meet... keep in mind, none of these, except paying the note in full, will keep your credit clean... any of the actions ie: short sale, foreclosure, deed in lieu, will effect your credit rating in a negative impact... no way to avoid that so if that is the case... let the payments go in default... if you are letting go ... let go... please seek the advise of a local real estate lawyer...
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