Short Sale Real Estate Agents Rio Rancho
If you are searching for a short sale real estate agent in Rio Rancho NM, look no further!
Our experienced team of short sale realtors has helped countless Rio Rancho homeowners successfully complete a short sale of their home. Some of the benefits of working with our team include:
- Expert guidance and support throughout the entire short sale process
- Proven results – we have a success rate!
- Experienced negotiators who will get you the best possible outcome
If you are considering a short sale, don’t go it alone – contact us today and let us help you get started.
What is A Short Sale Short Sale?
If you are considering a Rio Rancho short sale, you found the right website. A Rio Rancho 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.
Most lenders must consult with insurers and investors before approving a short sale. Rio Rancho short sales must also be approved by any junior lien holders as well, such as 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, accountant and short sale real agents if you are considering this option. Short sales are a complex transaction and can take months.
If you or someone you know is going through a difficult time and may be facing foreclosure, call us today. We may be able to help you avoid foreclosure through the short sale process. Our short sale real estate agents are here to help!
Finding a Short Sale Realtor Rio Rancho NM
As a home seller, you may be considering a short sale to avoid foreclosure. This is a complicated process and not all real estate agents are equipped to handle a short sale. It’s important to find experienced short sale Realtors® who have a strong track record of successfully managing short sales.
Here are some things to consider when looking for the right short sale real estate agent:
- Experience: Look for a short sale real estate agent who has successfully closed short sales in the past.
- Track record: Ask for references and check out the agent’s online presence to see what others are saying about them.
- Negotiation skills: Your short sale real estate agents will need to be able to negotiate with your lender on your behalf.
Even the best short sale real estate agents don’t successfully close 100% of their short sale transactions. So it’s important to understand that there is some risk involved. However, working with experienced and reputable short sale real estate agents will give you the best chance for success.
The Short Sale Process
Most lenders will not discuss any personal information with Rio Rancho short sale real estate agents without your consent, so you’ll need to sign a third party authorization. This will give your lender permission to speak to your short sale Realtor.
If you’re experiencing financial hardship and are in default on your loan, Short Sale Real Estate Agents can help. We’ll notify your lender of the situation and work to postpone the foreclosure process. You’ll need to provide a hardship letter detailing your financial difficulties. As well as some financial information like proof of income, assets, past tax returns, and bank statements. Some financial hardships include loss of job, divorce, excessive debt, death, illness, and others. Short sale realtors can help you through the entire process and get you the best possible outcome.
If you’re considering a short sale on your home, it’s important to understand the process and what to expect. One of the key steps in the process is obtaining a home valuation from a reputable appraiser or broker. The lender will require this valuation in order to determine how much they are willing to accept for the short sale.
In some cases, the lender may provide a price upfront. However, in many cases, your short sale Realtor will need to determine a fair value for the home. They will then list your home and submit the offer to your lender. Your lender is not required to accept the offer and may prepare a counter offer. Regardless of the outcome, it’s important to have a clear understanding of the process so you can make the best decision for your situation.
Receive An Offer
Once an offer is received on your house, your agent will provide your lender with the listing agreement, purchase agreement and proof of funds from the buyer.
Your lender may require additional information from both the buyer and seller. And it’s not unusual for them to try and renegotiate certain fees. However, if all parties can come to an agreement, the Short Sale will be approved.
Short Sale Of Your House
In order to short sale your house, you’ll need to get a release from your lender, which relinquishes their interest in the property. Even though the note will not be satisfied, most lenders in Rio Rancho agree not to pursue a deficiency against you.
What is a Pre-Foreclosure?
Pre-foreclosure refers to the beginning phase of a legal proceeding that may ultimately involves repossessing property from a defaulted borrower. A notice of default informs the borrower that the lender is pursuing legal actions toward foreclosure.
Short Sale Tax Liability to the Borrower
Borrowers will receive a debt forgiveness from a lender in the course of a short sale. The IRS requires a 1099 to be issued for any debt forgiveness. Tax laws are constantly changing and homeowners must speak to a tax professional to determine their tax consequences of a Rio Rancho short sale
Short Sale Benefits to the Borrower
If you’re facing foreclosure, a short sale may be a good option for you. Short sales can help you avoid the damage to your credit that comes with a foreclosure. Even if you lender reports the short sale, it’s not as harmful as a foreclosure would be. A short sale will stay on your credit report for three to five years, while a foreclosure is reported for ten years. Short sales can help you protect your credit and get back on track financially.
Short Sale Benefits to the Lender
If you’re a lender, you may get more of your money back if you do a short sale instead of foreclosing on a property. In New Mexico, foreclosures are expensive and time-consuming because the state requires lenders to go through the court system.
And when homeowners abandon their homes during foreclosure proceedings, the homes often become vacant. Vacant homes can become liabilities for lenders, often coming with code violations, delinquent taxes, and clouded titles. So instead of foreclosing, it may be more beneficial for the lender to write off the amount still owed on the loan. Short sales can help lenders recoup some of their losses while avoiding the hassle and expense of foreclosure.
Myers & Myers Real Estate – Short Sale Real Estate Agents
If you’re considering a short sale, it’s important to understand the process and the potential benefits and drawbacks. Short sales can be a good option for borrowers who are facing foreclosure and want to avoid the damage to their credit that comes with it.
And while lenders may not get all of their money back in a short sale, they can avoid the hassle and expense of foreclosing on a property. If you’re considering a short sale, talk to a real estate agent who has experience with the process. They can help you understand the ins and outs and decide if a short sale is right for you.
We are experienced short sale Realtors and have successfully completed many short sales. Click this link to explore other options to avoid foreclosure. Myers & Myers Real Estate are Realtors and members of the National Association Of Realtors.