An Albuquerque short sale real estate agent and a short sale may be an option for some home owners. Contact John Myers, Albuquerque short sale real estate agent today at 505 401-7500 for a free confidential evaluation of your individual situation, property value, and potential options. We utilize unique solutions to speed up the Albuquerque short sale and Rio Rancho short sale process. I am proud to have earned the prestigious Certified Distressed Property Expert® (CDPE) Designation, having completed extensive training in foreclosure avoidance techniques with an emphasis helping you with an Albuquerque short sale and Rio Rancho short sale.
As a CDPE, I have been educated on how to help distressed home owners through difficult financial situations and also how to communicate with lenders effectively to negotiate the best solution for both parties. The knowledge obtained by being a CDPE is invaluable in educating and assisting New Mexico home owners through all their options. Albuquerque short sale or Rio Rancho short sale may be your best option.
The current real estate crises has caused a negative impact on Albuquerque, Rio Rancho, Corrales, Bernalillo County, Sandoval County, and Valencia County home owners and the national financial crisis has caused stress and heartache for many New Mexico families. Foreclosure is a devastating financial challenge for New Mexico families and one that may be avoided. Albuquerque short sale or Rio Rancho short sale may be your best option.
What is a Albuquerque Short Sale?
New Mexico home owners that owe more on their primary residence than their home is currently worth can hire a qualified Albuquerque short sale real estate agent to market and sell their property through the negotiation of a short sale with their mortgage company. This typically requires the property to be listed with an Albuquerque short sale real estate agent and the New Mexico home owner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the home owner between the date of the home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: mortgage payment increase, divorce, excessive debt, job loss, forced or unplanned relocation, and more.
- Benefit: A short sale allows home owners to salvage some of their credit rating and avoid foreclosure. This also keeps foreclosure off the New Mexico home owners or public record and in many cases will allow the home owners to avoid a deficiency judgment. Home owners of may qualify for another mortgage in as little as 24 months as opposed to five years for a foreclosure.
- Concern: Short sales are a difficult process in which NM home owners are best served by contracting with a qualified real estate broker to guide the way.
Why Would a Bank Consider an Albuquerque Short Sale Payoff?
The banks may only have two options if you cannot make your monthly payments, foreclosure or short sale.
It is costly and may take more than a year to foreclose on your home. The bank will then attempt to sell the foreclosed home at near market value. The home sits vacant for a long period of time and is susceptible to vandalism. Ultimately the bank will sell the home near market value, they most likely will receive less than they are owed.
Often times home owners will remain in the home during the short sale process. As your Albuquerque short sale Real Estate agent, I will market and sell your home, negotiate with other professionals, coordinate all activities involved in the sale and negotiate with the banks. The bank will receive the proceeds of the sale which are less than they are owed. Often times a short sale saves the banks money and time. Many banks actually prefer short sales to foreclosures. Albuquerque short sale or Rio Rancho short sale may be your best option.
Do Banks Really Accept Albuquerque Short Sales?
Yes, there are short sales that occur every day in New Mexico. Short sales have become a larger part of the real estate market recently. However, short sales are extremely difficult and require an experienced Albuquerque short sale real estate agent.
How Long Does It Take to Complete an Albuquerque Short Sale?
This is a tough question because there are many variables such as the bank requirements, the skill of your Real Estate Professional, location of your home, time of year you are trying to sell, pricing of your home, marketing your home, and current market conditions.
How Much Money Do I Need For An Albuquerque Short Sale?
The banks will request home owners to contribute something at closing of the transaction, this depends on the value of the assets you own. Many families facing financial distress don’t have any assets of value and contribute nothing at closing. In this situation, the banks and the buyers will pay commissions and closing costs. I will not ask you to pay for my services. Albuquerque short sale or Rio Rancho short sale may be your best option.