Getting good short sale help can be a very frustrating experience, but fortunately there are a number of real estate agents, attorneys, and specialized agencies that can point a troubled homeowner in the right direction. Also, working directly with a lender may be one of the best ways to get short sale help, provided the lender wants the situation resolved in that way. While not all short sale efforts are successful, understanding as much as possible about the short sale process going in, and having an advocate, are big assets.
If possible, working with a lender directly may offer an owner one of the best chances for success in a short sale. The lender knows the situation, has a history with the borrower, and the borrower may already have personal contact with a representative from the lending institution. Unfortunately, many lenders tend to want to delay or resist a short sale for a number of reasons. If a borrower is still making payments, lenders can maximize profits by putting off a short sale as long as possible. In cases where borrowers cease payments, but have mortgage insurance, there may be little incentive for lenders to offer short sale help.
When a lender resists or delays to a point where it is no longer deemed helpful, a borrower may turn to an attorney for short sale help. An attorney may not be able to delay a foreclosure forever, but his or her involvement could signal to the lender that the borrower is serious about pursuing a short sale. Rather than resisting and risking any number of legal maneuvers, which can be very expensive, the lender may now have enough incentive to decide that a short sale is the best possible solution. Those seeking an attorney should make sure to get one who specializes in real estate law, in particular short sales and foreclosures, if possible.
While many real estate agents prefer to work with traditional sales, a number are willing to list and work with short sales. These individuals may be among the best sources of short sale help. Typically, the real estate agent can offer the bank something that the borrower cannot, a way to get out of the bad debt for a loss, but a minimal one. The agent does this by finding a willing buyer, and then advocating with the lending company on behalf of the current owner and prospective buyer.
Some businesses offer short sale help as well. These businesses may or may not employ licensed attorneys, but often have considerable experience in the real estate field. Some of the representatives may be former or current real estate agents, for example. These individuals can act as advocates, and may be able to provide a resolution cheaper than an attorney would. Before hiring such a service, owners should make sure they check the company out with the Better Business Bureau and ask for references.
