Pastry Chefs Can’t Help You With a Short Sale

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Even if you have already received a notice for foreclosed home in NY, you should know that there are always options – no matter how bleak the situation seems. When a property owner receives a Notice of Foreclosure, it simply means that the lender is informing you of his or her intent to take action due to delinquency. Even having received such a notice, the situation is not hopeless – there is still the opportunity to avoid further action with a short sale.

The short sale can provide relief; but try to remember that ‘instant’ is a just a word used for marketing purposes and selling points. In the real world, quality and value always take time. Although a good alternative, the short sale process is not quite as quick as microwaveable rice.

Due to the fact that the short sale procedure requires a negotiation process (preferably conducted by an expert) and in-depth communications with your lender that will include the acquisition and presentation of relevant, requested materials, the process will take some time. That being said, a short sale can be completed within three to four months, on average; which, if you stack it up against the never-ending headaches and credit concerns that come along with a foreclosed home NY, is not really that long. In fact, four months is nothing if it means you have a chance to get out from underneath the storm cloud that is a foreclosure…

‘Those who say don’t know…’

There are quite a few real estate agents and brokers out there who claim to know all the ins and outs of the short sale process. But before you sign on with them, remember this old Chinese proverb: “Those who say don’t know; those who know don’t say.” In other words, beware of folks who tell you how much they know about something. People will tell you anything you want to hear if they believe it can benefit them.

Although so many real estate agents and brokers – in these tenuous times for foreclosed homes in NY – claim to have this expertise, the fact is that almost all of them DO NOT. Nearly 90 percent of all short sale attempts are not successful – and this has to do, directly, with the fact that home owners are relying on pastry chefs to cook their main courses. Short sales involve much back-and-forth negotiation with the lender, a comprehensive understanding of real estate law and a solid grasp on the basics of finance and processing. Most real estate agents and brokers simply do not have these capabilities, and their lack of experience in maintaining direct relationships with larger banks translate into piles of rejected short sale paperwork.

Find an expert and move forward

If you: owe more than your property is worth, cannot make your mortgage payments, are experiencing an increase in interest rate or monthly payments or mortgage balance, are relocating to a new area and still paying for the current property…then it just simply does not make sense to keep your property.  If you have such homes in NY, they will be foreclosed soon!

Find an expert who has direct, verifiable experience in completing successful short sales and proceed. Any category of real estate can qualify for a short sale and property owners can, thanks to the passing of The Debt Relief Forgiveness Act and Debt Cancellation in 2007, short sell their properties for up to one million dollars without incurring tax consequences. A short sale can result in the entire burden of foreclosure being lifted off of your shoulders, and can lead directly to a fresh start for you and your family. But, if you want relief in three to four months, make sure to hire a proven expert. Pastry chefs are not going to wow folks with their beef wellington – real estate agents and brokers are not professional short sale closers.

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