Real Estate

You can get paid to do a short sale vs. a Foreclosure.

Borrowers who are months behind on their mortgage and facing foreclosure may be surprised to learn that the lender or guarantor of the mortgage may be willing to pay you to relocate following a successful short sale.
Some have asked why they would do this after not receiving payment for many months and possibly a year or more, having forced insurance put on the property and keeping the property taxes current.
Until the borrower pays off the mortgage, the bank is truly the owner of the property which it holds as collateral for the mortgage note. If the property is damaged by a irate and irresponsible borrower or by vandals, the property becomes worth less than it might have been had someone taken care of the property. Properties that are left vacant without utilities are more likely to become vandalized or have squatters move into the property.
If the borrower is not paying the note, the bank in time will get the property back in some condition and they will sell it. So it is sometime advantageous for the bank to entice the borrower to stay in the home, maintain it, and keep the utilities on in the property while trying to sell the property.
Last week, an FHA borrower received $750 from HUD as relocation assistance on a closing I did. This week I have a VA borrower who will receive a $1500 relocation incentive. I have heard of larger amounts to some borrowers in dire straits. While no realtor can promise that you will receive money for selling your home short versus allowing it to go to foreclosure, it may be possible to obtain these funds. More importantly, selling a home short most offend allows the borrower to have the deficient money forgiven.
If you are in a position where you can no longer afford to pay your mortgage, please call and let’s see if I can help you avoid foreclosure.
Please feel free to contact me, Sandi Walker, at 405-213-2992 or visit my website with all your real estate questions.

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