Albuquerque Short Sale Real Estate Agent
An Albuquerque short sale real estate agent and a short sale may be an option for some homeowners. Contact John Myers, Albuquerque short sale real estate agent today at 505 401-7500 for a free confidential evaluation of your 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 on helping you with an Albuquerque short sale and Rio Rancho short sale.
As a CDPE, I have been educated on how to help distressed homeowners 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 homeowners through all their options. Albuquerque short sale or Rio Rancho short sale may be your best option.
Albuquerque Short Sale Real Estate Agent | Rio Rancho Short Sale
The current real estate crisis has harmed Albuquerque, Rio Rancho, Corrales, Bernalillo County, Sandoval County, and Valencia County homeowners 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 an Albuquerque Short Sale?
New Mexico homeowners 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 homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner 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 homeowners to salvage some of their credit ratings and avoid foreclosure. This also keeps foreclosure off the New Mexico homeowners or public record and in many cases will allow the homeowners to avoid a deficiency judgment. Homeowners 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 homeowners 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 a near-market value. The home sits vacant for a long period 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.
Oftentimes homeowners 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 a short sale saves the banks money and time. Many banks prefer short sales to foreclosures. Albuquerque short sale or Rio Rancho short sale may be your best option.
Do Banks Accept 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 a Short Sale?
This is a tough question because there are many variables such as the bank requirements, the skill of your Real Estate Professional, the location of your home, the time of year you are trying to sell, the pricing of your home, marketing your home, and current market conditions.
How Much Money Do I Need For A Short Sale?
The banks will request homeowners to contribute something at the 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.
Albuquerque Short Sale Real Estate Agent| Rio Rancho Short Sale
