When I tell people I do short sales, this is the first question I get: “How are you still in business when the market is so good? Prices are going up, how are their still short sales?”The market has begun to recover in Dallas/Fort Worth these last of couple years and home values have gone up. In 2010 the market was flooded with foreclosures and buyers were having a hard time getting a loan. Houses were staying on the market for months and it was hard to find a traditional buyer. Fast forward to 2015 and we are experiencing multiple offer situations with homes selling within days of listing.
So, if the market is that good, how can short sales still be around?
Here is a very real example of how a borrower can end up in a short sale situation:
You purchased a house when the market was “hot” and you payed full price, maybe even over asking. You owned the house for 2 years and then you lost your job. When you purchased the house you could not have foreseen losing your job. So you miss a house payment and you try to find supplemental income. You get letters from your lender suggesting you try a loan modification. So you apply, and continue to miss payments because the lender does not accept payments during the process.
8 months later you get denied for the loan modification because you do not make sufficient income but now you are behind $25K+ and you are facing foreclosure. You order payoff statement and find all of these “late fees”, “attorney fees”, “filing fees” and your payoff has increased significantly. The little equity you had is now gone. You have to do a SHORT SALE.
While this example is very specific, this is how it happens. There are SO many other ways a borrower can end up in a short sale situation. All they have to do is experience some type of hardship: divorce, death of a borrower, excessive debt and obligations, and the list goes on. Homeowners will not stop experiencing financial setbacks just because market prices are increasing.
While the prices increasing have helped homeowners who weren’t able to sell before now sell because of the increased equity, short sales will always be around.
Here is the key: If you have a client who is behind or if you are behind on your mortgage find a real estate agent that has EXPERIENCE in dealing with short sales and foreclosures. You might be able to sell your home without doing a short sale even if you are behind. There are always options to avoid foreclosure, If you have any questions please feel free to reach out to me! I would love to help. 972-832-2755 or YourDfwRealtor@icloud.com
Author:Nicole Espinosa Phone: 972-832-2755 Dated: November 30th 2015 Views: 1,563 About Nicole: Nicole is a leading Short sale expert in the Dallas Fort Worth market. Before Nicole did short sale...
JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
Our mission is to provide extraordinary services and exceed our clients’ expectations by always committing to the highest levels of professionalism, ethics and standards in the real estate industry.
JP and Associates REALTORS is a real estate company with a solid structure and foundation built around service and productivity. We believe in providing a fun and rewarding environment for all our REALTORS® and therefore always ready to support our REALTORs® Associates in any market and in any condition. All our REALTORs® will always strive to close more transactions in a given year than the average REALTOR®. Our goal is to recruit and retain the most professional, better trained REALTORs Associates in the local market.
If you are interested in a new career in real estate or already have a real estate license but wish to learn more about our company please contact us directly to set up an interview. We offer our agents a 100% commission plan, company leads, training and mentoring and coaching from TOP Producers with no office, desk fees or monthly marketing fees ever. We are a full service brokerage at a transaction fee cost.
At JP And Associates REALTORS we strive to exceed our Clients AND our Associates expectations.
General Inquiries: firstname.lastname@example.org
Office Number: 1 (800) 683-5651
Texas Real Estate Commission Consumer Protection Notice
Coming up with a down payment strategy can be difficult for some buyer
"Malisa I want to thank you for the great job you did and helping me getting my house you really was a lifesaver I almost gave up on the house but you kept on and you did be on your job and I'm so thankful for you I will be referring other people's to you because you did an excellent job I mean really excellent job and if I decide to buy another house I will be contacting you because like I said you did more than just your job you did the other people job and I really really appreciate it if I had to put it on a scale of what you did it will be 210 Plus and again I would love to thank you and John thank you too because you was easy to work with you work when no one else was working and I can call you anytime you didn't have a problem with it so thank you thank you if I had $1000000 I would love to give it to you for the work that you did that's just how I feel I am so happy with the house you would step by step with getting everything that needs to be done with the house you went above and beyond that and I really want to thank you"