Help! I Need To Sell
“Help! I need to sell and I don’t have any equity. What can I do?”
The first thing you need to do is hire a professional realtor. We can help you decide which course of action is best for you at any given time. Sometimes homeowners don’t even realize they have options.
The Time To Act Is Now
If you are a month or more late on your mortgage payment the time to do something is now. We realize your economic situation has probably changed. You want to do the right thing. You just cannot come up with the money.
The first call you need to make is to your mortgage company. Explain what has happened and try to work out a plan to get you on track. If that’s not going to happen ask to explore the option of a short sale. In any case, they will begin sending you documents to find out your current financial situation. It’s a lot of paperwork and it can be painful to fill out. But it’s work that must be done if we are going to move forward towards helping you move on. It’s just a bump in the road. You can and will rebuild.
- Usually banks prefer short sales to foreclosure
- One short sale program provides you $3,000 for relocation expenses
- Banks expect that you will be working with a realtor
- Short sale looks better on your credit than foreclosure
Contact Us Today!
Tragic True Story
I was speaking to another realtor the other day and he was lamenting that an acquaintance of his lost his house to foreclosure. What made the story even more tragic was that the home was worth about $115,000 in a $130,000 neighborhood. It needed work to be sure. He was seven months behind on his mortgage because he fell ill and couldn’t work and therefore lost his job. When the bank came to seize the house he wasn’t even home because he was at the hospital.
Anyway, the guy only owed about $50,000 on his home!!! This realtor friend of mine could have sold his home quickly, very quickly, for say $90,000 to $95,000. Minus real estate commissions and closing costs the guy would have had $35,000 to $40,000 (or so) in his pocket to help with his needs. But he didn’t really understand his rights nor his position in the market. He just thought all real estate wasn’t moving and didn’t even explore his options.
Seek Help
You don’t want to seek just any real estate agent’s help with a short sale. Never before has the professionalism of your real estate agent been so important as it is now. We will examine your position and make recommendations based on what we see and hear. Your honesty and transparency with us will be crucial to our ability to help you.
Short sales;
- Take time.
- Require a lot of paperwork.
- Have multiple options as to kinds of short sales.
- Are different for a primary home owner than from an investor.
- Can have hidden problems like still owing the short amount.
You need to fully understand where you are at an how you are going to better your situation.
What About My Credit Rating?
Listen, if you are to the point of considering a short sale you’ve probably already missed a couple of payments (or are about to) and you need to understand that your credit rating is pretty shaky right now, anyway. A short sale will be a hit to your credit rating. But generally, less so than a foreclosure.
Will I still Owe Money After The Sale?
That depends on the kind of short sale you partake in and/or your negotiations (we can help to certain extent) with the lien holder(s). We are not lawyers or CPAs. But we are professional realtors trained and experienced enough to help walk you through the process.
We can answer these questions more in depth and answer many more concerning your home sale when you allow us to come over and discuss your situation. No heavy pressure. Heck, interview a couple other real estate agents, too. We encourage you to do so that you will see the difference we can offer. But do contact us today so we can help.
We can and will help you sell your home.
Chris Lengquist & Associates
Keller Williams Realty
Diamond Partners, Inc
Olathe, Kansas 66062
913.322.7515
Licensed in Kansas and Missouri.
