Short Sale Real Estate Agents in Albuquerque NM
Short Sale Real Estate Agents In Albuquerque NM
Are you facing Foreclosure on your home? As experienced short sale real estate agents, we can help you avoid foreclosure with a short sale. Not all Realtors have the skills or desire to successfully complete a short sale. We have the experience and the desire to help you with a short sale. In most cases, there is no cost to you to complete a short sale.
Call us at 505 401-7500 for a private confidential consultation to see if a short sale is the right option for you. We have expert short sale real estate agents ready to help you complete a short sale of your house.
What is Short Sale Real
Estate Agent?
Short sale real estate agents specialize in helping homeowners sell their house for less than is owed on the house.
A short sale is a process where the lender agrees to accept less than the amount owed on the mortgage when the property is sold. In other words, your home is worth less than you owe on the home. Short sales are a complex transaction that takes months and require the skill of short sale real estate agents. Most lenders must also consult with insurers and investors before approving a short sale.
Short sales must also be approved by any junior lien holders as well. Examples are a second mortgage, liens by the water department, HOA, or others. An experienced short sale Realtor is needed to negotiate the sale with the bank. Consult with your attorney and accountant if you are considering a short sale.
What is The Short Sale Process?
You must be experiencing financial hardship and be in default on your loan before the lender will consider a short sale. The first step in the process is to notify your lender of your hardship. It’s important to keep your lender informed. Once you miss a payment on the loan, they can begin the foreclosure process. Most lenders can be convinced to postpone the foreclosure process to allow time for short sale negotiations.
Short Sale Hardship Letter
You must also provide a hardship letter. Your hardship letter must provide details of your financial difficulties. Some financial hardships include loss of job, divorce, excessive debt, death, illness, and others. You will be required to provide financial information such as proof of income, list of assets, past tax returns, past bank statements, and other information.
Short Sale Real Estate Agents Need Third Party Authorization
Lenders will not discuss any personal information to your short sale Realtor without your consent. You will need to sign a third party authorization to give your lender permission to speak to your real estate agent. Your third party authorization should include the property address, loan number and the agent’s contact information. Many lenders will require that you complete their third party authorization.
Home Valuation
The lender will require a valuation of the home by an appraiser or a broker specializing in providing home values to lenders.
Short Sale Real Estate Agents Must Price Your Home
In some cases your lender may provide a price they are willing to accept prior to obtaining an offer. However, in many cases, short sale estate agents must determine a fair value of the home. They will then list your home and try to find a buyer. Once an offer is received, your real estate agent will submit the offer to your lender. Your lender is not required to accept the offer and may prepare a counter offer.
Short Sale Real Estate Agents will Work To Get An Offer on Your House
Once you receive an offer on your home, lenders require a copy of the listing agreement, purchase agreement, proof of funds from the buyer. Lenders may require additional information from buyer and seller. It is not unusual for the lender to renegotiate certain fees or refuse to pay for some items. If an agreement can be reached among all parties, the short sale will be approved.
Short Sale Real Estate Agents will work to get Approval
Your home will be sold and closing will take place similar to a normal sale. The lender will provide a release which relinquishes their interest in your property and allows it to be sold for less than the amount owed. This does not satisfy the note. There may still be a deficiency for which you may be liable. In most cases lenders will agree not to pursue a deficiency judgement against you. We negotiate with lenders to help you avoid a deficiency judgment.
What Are The Short Sale Benefits to the Homeowner?
A short sale benefits you by allowing you to avoid foreclosure. A foreclosure can severely damage your credit. During the short sale process, you may be able to negotiate with the lender to avoid a negative credit rating. Even if the lender reports the short sale, it is much less damaging to your credit than a foreclosure. When you negotiate a short sale, the lender is agreeing to accept less than the full amount owed on the mortgage. Your lender will likely report the account as settled for less than the full balance.
Why will a Lender Agree to a Short Sale?
A lender will usually recoup more of what is owed on a property through a short sale than if they foreclose on a property. New Mexico is a jurisdictional state which means the lender must utilize the court systems to foreclose on your home. Foreclosures in New Mexico are expensive and very time consuming.
In many cases homeowners leave their home and their home is left vacant. There are many bad things that happen to vacant homes. In addition, a large number of foreclosed homes in inventory can be problematic for lenders. Homes are often a liability since many come with code violations, delinquent taxes and clouded titles. Lenders will often find it more beneficial to write off the amount that is owed on the loan than to foreclose.
What is a Pre-Foreclosure?
Pre-foreclosure refers to the beginning phase of a legal proceeding that ultimately involves repossessing your property. A notice of default informs you that your lender is pursuing legal actions toward foreclosure. Utlimately, these homes will turn into a foreclosure, deed in lieu of foreclosure, or a short sale.
Are thereTax Liabilities For a Short Sale?
There may be tax liabilities for a short sale. You will receive a debt forgiveness from your lender after you complete the short sale. The IRS requires a 1099 to be issued for any debt forgiveness. Tax laws are constantly changing and you should speak to a tax professional to determine the tax consequences of a short sale.
Albuquerque Homeowners Face Foreclosure
Only a small percentage of the 6.3 million home owners in America who are in some stage of foreclosure reach out for help. Various combinations of fear, frustration, anxiety and mistrust cause financially strapped Albuquerque home owners to dig in their heels and avoid taking action. And that’s exactly what leads to foreclosure, as an Albuquerque short sale real estate agent, I can help you.
Albuquerque Short Sale Real Estate Agents Can Help
Our mission as a short sale real estate agents is to reach out to financially challenged Albuquerque homeowners and help them to avoid foreclosure. The long-term financial impact of foreclosure cannot be underestimated. Foreclosure can:
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Become a part of the public record and remain on your credit history for 7-10 years
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Drastically lower your credit score
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Deem you ineligible for a mortgage for up to seven years
- Challenge current and future employment
- Put you at risk of a high deficiency judgment, which is the lender’s ability to pursue any debts you owe them for an indefinite period of time
- Become an issue against security clearance if applicable
Reach Out For Help From Short Sale Real Estate Agents – Realtors
We’ve all heard about scams, shysters, the frustrations of working with people who don’t really know their stuff. It’s important to ensure that you identify a trustworthy Albuquerque short sale real estate agent. One who is tapped into major lenders and is current on the kind of help available. We can help financially stressed Albuquerque homeowners to get on a path of financial solvency.
Avoid Foreclosure With A Short Sale Real Estate Agent!
Contrary to what some may have you believe, your mortgage lender does not want to foreclose on your home! Foreclosure is a disaster for all concerned. Bank owned properties create a significant strain on bank operations. On the local level, a single foreclosure in a neighborhood lowers the value of surrounding properties by 9 percent.
What Are Other Foreclosure Avoidance Options?
Foreclosure is one of the most devastating financial challenges that you can face. A short sale is not the only alternative to foreclosure. Here are others:
Refinance Your House
You may be able to refinance your mortgage even if your loan is under water.
Loan Modification
A mortgage modification involves the reduction of one of the following: the interest rate on your loan, the principal balance of your loan, the term of your loan, or any combination of these. Do not work with a mortgage modification company that requires an upfront fee.
Reinstatement
A reinstatement is the simplest alternative to a foreclosure when it’s possible. Following a period of nonpayment, you simply pay the mortgage company the total amount due to date, and the mortgage is reinstated.
Sell Your House
You can sell your house if you have sufficient equity. List your house with a qualified agent who understands the local foreclosure processes. Your real estate agent will need to close a deal prior to bank foreclosing on your home.
Forbearance
A forbearance is repayment plan that involves a negotiation with your mortgage company to make additional payments over a period of time in order to become current on the mortgage.
Rent Your House
Renting your home may be an option if your local market conditions will allow you to rent your home at or above the cost of your mortgage. Renting the property and using the income to pay your mortgage could be an option. You will need to catch up on any unpaid balances owed to the lender.
Deed-in-Lieu of Foreclosure
A deed-in-lieu allows you to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and you must vacate the property at a designated time.
Service Members Civil Relief Act (military personnel only).
If a member of the military is experiencing financial distress due to deployment. Can show that your debt was entered into prior to deployment. You may qualify for relief under the Service Members Civil Relief Act.
What You Need to Know Now
The highest ranks of the U.S. Government, along with major banks and local agencies, have retooled and increased staff to help home owners to avoid foreclosure. As a CDPE real estate agent, my mission is to work closely with you to avoid foreclosure. We will draw upon all of or expertise and resources best possible solution for you. A short sale may help you make a fresh start on your life.
Short Sale Real Estate Agents In Albuquerque NM
We are experts in short sales in Albuquerque metro area. Our team has successfully negotiated many short sales with mortgage companies for our clients.
Check out all of our great tips to sell your home fast and for top dollar. Contact us for a free home valuation.
The real estate market is constantly changing and no two clients or transactions are the same. Achieving the real estate goals of our clients are the cornerstone to our business philosophy. You can count on Myers & Myers Real Estate Agents to provide you exceptional customer service.
Sell your home working with experienced Albuquerque Realtors® who specializes in short sales in the Albuquerque metro area will make all the difference. Myers & Myers Real Estate Agents take the stress out of short selling a home.
When you list with Myers & Myers Real Estate, your home will be seen by thousands of home buyers through our online marketing plan. Contact us to set up a time to meet with us, let us show you our cutting edge marketing, market knowledge, and experience to sell your home.
