I listed a client’s property in November 2010. This family of 5 lost one income and the other income was severely reduced. I put this home on the market at a reasonable price, counseled with my clients on their options and determined that a short sale was their best option.
I do my best to educate all of my clients on the process of a short sale. The most important information that a home owner needs to understand is communication. I cannot stress enough how important it is to keep an open line of communication with the mortgage company as well as your Real Estate Professional during this process.
Mortgage companies employ hundreds of people located in call centers all over the United States. The short sale specialist (Realtor) works with the Loss Mitigation department. The Collection Department will continue to call the homeowner for updates. They do not call the Realtor. The only way the Collection Department knows what has happened and why a home loan is past due is through notes that are posted in a logging system. If you ignore them they put that in the system too.
Having done many short sales, our Brokerage’s philosophy is to communicate with the mortgage companies once a week on homes we have qualified buyers for and every 2 weeks on homes that have not gotten offers.
When I learned of a foreclosure notice sent to my client (2 weeks after it was received) the only way the foreclosure could be stopped was if I had an offer from a buyer for this property. We were fortunate enough to receive an offer 24 hours before foreclosure. We stayed on the phone well into the evening and were on the phone fifteen minutes before it was due to be auctioned and learned we received an extension.
There were 92,000 foreclosure homes in Georgia reported in January 2011, 2,039 homes in Gwinnett and Hall Counties and 369 in Buford. The mortgage companies do not want your house. They want to know that you are doing everything you can to help yourself and the investor to minimize the loss. If you don’t talk to them, they will put your home on the fast track to foreclosure.
I do many short sales in my area, not just in Buford. Your home doesn’t have to be a Buford Ga Real Estate short sale or a Lake Lanier Real Estate short sale for us to help. When searching for options to foreclosure find a specialist that works primarily in that field. Every investor has different required processes and anything can happen. This Realtor should be able to advise you of all the options available. Do your homework. Use the power of the internet to learn everything you can about your rights. Then ask for assistance from your trusted adviser (the short sale specialist) and PLEASE once you have made your choice listen and follow their advice.
If you or you know of anyone that needs help with foreclosure prevention, please call or email me Virginia@AtlantaHomeConnections.com 678-546-7387. All information obtained is held strictly confidential. We are you trusted advisers.