Today, we continue our series on Santa Clarita Top Ten Short Sale Myths with, Santa Clarita Short Sale Myth number Six! Matt Gregory is a Certified Distressed Property Expert, Realtor, and iRealty Managing Broker. Matt and his Gregory Real Estate Group are active here in the Santa Clarita Real Estate market and are highly experienced in Santa Clarita Real Estate, especially Short Sales. If you’re looking to buy homes, sell homes or invest in Santa Clarita Real Estate, we can help you with everything! Take a look at the video and read below to learn about Santa Clarita Short Sale Myth Number Six!
Santa Clarita Short Sale Myth Number Six – Banks are no longer accepting Short Sales – This is false!
Of course it’s nearly 2015, but back when this post was published, distressed properties made up over half the total real estate market. Many hard working people lost their long time jobs, some lost their retirement savings and many homeowners lost their homes. At the time, lenders were overwhelmed with short sale submittal packages awaiting their approvals. Lenders were not prepared for the onslaught of short sales dumped in their laps and didn’t have good systems or resources in place to handle all the action. As a result, short sale approvals sometimes took forever! It was this situation causing the false rumor that lenders were no longer accepting short sales. The truth is, they never stopped accepting short sale packages, but it did take an excessive amount of time. Thankfully, as we approach 2015 distressed properties only account for around 10% of the real estate market, and lenders now have solid systems in place to handle short sale submittal packages!
Thanks to our short sale myth number six, we now understand lenders will always approve a short sale as long as it makes good financial sense to them and the homeowner can qualify with a legitimate hardship. With regard to lenders approving short sale packages, in most cases a lender would much rather agree to a short sale than foreclose. It’s just simple math! They make more MONEY and there’s less hassle. Some lenders are even improving the manner in which they process short sales and it is helping the process. Yes, short sales are still slow but they are possible and they do close. If you are a homeowner considering a short sale, it’s critical you work with an experienced Real Estate Agent that is also a Certified Distressed Property Expert! Even as we approach 2015 we continue to preach this important factor. Of course we’d love your business, but if you don’t choose us to represent you with your short sale, we urge you to seek a Realtor with the Certified Distressed Property Expert Designation. Short Sales are tough and why add a inexperienced realtor into the mix and create another obstacle to your transaction.
Thank You for visiting ExtremeShortSale.com. Matt and his team here at the Gregory Real Estate Group look forward to the opportunity to assist you with your Santa Clarita Real Estate needs. By the way, watch for scams out there! Do not give anyone any money up front to help you with a loan modification! Watch out for those “Forensic Loan Audits” and Check for Securities. Those types of approaches rarely yield any results significant enough to solve your mortgage issues and they usually cost way more than they’re worth!
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