It's a sad fact, but many Americans lose their houses to foreclosure every year. Some lending institutions aren't always thorough enough in checking someone's capacity to make repayments, and others don't really care. And of course, there are times when a change in conditions happen, leading to the owner being unable to meet their mortgage obligations.
Whatever the cause of a person getting behind on their mortgage obligations, the process from that point onwards is fairly set. Initially, the lender will file a public default notice. This initiates the foreclosure process, and at this point the home officially enters the pre-foreclosure phase.
So basically, pre-foreclosure is like a grace period. The owner is being told that they're in arrears and need to do something about it. At this point, the bank is unable to get the property and sell it to make back their expenses. The duration of the grace period varies, as it's established by state laws. Some states allow the grace period to last for as long as six months, but many states have shorter periods.
Once the property enters pre-foreclosure, there are a number of ways the owner can avoid having their property foreclosed on and sold by the bank.
Selling The Home
This is most likely the best solution if making the payments is likely to be an ongoing problem. By selling the house, the owner should be able to get a reasonable price for it. If the owner waits and lets the lender sell it, the sale price is almost certainly going to be much lower, because the lender just wants to offload the home as quickly as possible.
This is often a great time for a real estate investor to approach the owner with a fair offer to purchase the home. However, many people in pre-foreclosure go into denial, and instead of trying to make the best of a bad situation, will actually avoid taking action until it's too late. A lot of people also don't understand the long-term detrimental effect a foreclosure can have on their credit score.
Nobody wants to face foreclosure on their home, but at least the pre-foreclosure period gives the owner the opportunity to find a solution - such as a Short Sale - that's a little more favorable for them.
Short Sales
By using a Short Sale, your home is saved from foreclosure, thus helping you to keep your credit rating. The lender wins by avoiding timely and costly foreclosure proceedings. And, the buyer of your home wins by getting a solid property at a good price.
If many of these agents and investors just thought out of the box a little, they would realize the same fortunes many are experiencing today with more properties that they can handle. How would you like to have properties handed to you? Could you use a negotiation team to have your stagnant properties submitted with Buyer's offers?
You may ask, "Why yes, I could get an abundance of leads currently but all the properties I get, the Seller owes more than the house is worth."
With today's debacle of foreclosed homes, REO listings and homeowners over-leveraged, you would be 100% correct. You may not know how to negotiate on a short sale efficiently, you may not have buyers lining up in today's market waiting for you to offer them a dream house at a dream price, you may be a successful real-estate agent but just don't want to spend the time negotiating on short sales. The Short Sale House, LLC is presented with many agent frustrations. However, once they speak to The Short Sale House, they realize these "MONEY TREE" opportunities are a sure-fire way to both succeed and surpass their fellow agents.
Based out of southern California, The Short Sale House has been negotiating on short sales for over 4 years with a team of experts trained to receive the fastest acceptances at the best prices. Currently averaging over 14 acceptances per week, The Short Sale House is the industry leader in negotiating with lenders for many real-estate agents as well as investors.
The key to negotiating on any potential short sale property/listing is to have the skill-set to substantiate the buyer's offer, validate the geographic real-estate market in relation to the property being submitted, and have a relationship with the lenders where they realize the benefits of accepting our short sale offer over going through the foreclosure process. Through The Short Sale House's strong relationships they have built with the lenders over the last four years, they are able to receive acceptances on offers at a much faster rate than other short sale negotiation companies. The Short Sale Houses's experience and ability to receive acceptances in a timely fashion, usually in 30 days or less, has catapulted them above the industry leaders.
Recently voted by a national real estate forum as one of the most cutting-edge short-sale negotiation companies based out of California, The Short Sale House caters towards real estate agents, has a whole group of investors waiting to submit their offers on listings and has a professional team in place to handle the short sale negotiation process. The Short Sale House submits disclosure paperwork above and beyond what is required, has the best interests for not only the agents involved but the sellers as well and employs special tactics to get your properties from "cold" to "sold"!
Both S. A. Johnson & Senator Ford are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
S. A. Johnson has sinced written about articles on various topics from Real Estate, Property Sale and Property Guide. Earn money by helping homeowners sell their homes in 2 weeks. ..get top dollar and all cash at closing.. S. A. Johnson's top article generates over 14800 views. to your Favourites.
Senator Ford has sinced written about articles on various topics from Investments, Debts Loans and Home Buyers Guide. To learn more about how easy it is to increase your sales, visit and find out how little you have to do to close big. Plus, inquiry. Senator Ford's top article generates over 1600 views. to your Favourites.