Mandeville - Covington Short Sale Realtor
Mandeville - Covington Short Sale Realtor
Homeowners who need to sell their Mandeville real estate, but owe more on the property than its current market value can find relief from their situation through a “short sale”. It is important to distinguish myth from reality about the short sale process in order to fully understand the process and to know if it is the proper solution for you and your family. I have compiled the 9 most common myths surrounding the short sale process. The short sale process for Mandeville and Covington, LA. home owners is complex and extremely detailed.
Myth #1 – The Bank Does Not Want to Help Me and Would Rather Foreclose than to be Hassled with a Short Sale. This is probably the most common misconception about foreclosures. The fact is that your bank truly does not want to foreclose on your property because process is expensive and takes a long time. Through the HAFA (Home Affordable Foreclosure Alternatives Program) the banks, investors and the federal government have all expressed their willingness to consider a short sale deal if the person qualifies.
Short Sale Qualifications Include:
1. Financial Hardship - This is a situation causing you difficulties in affording your mortgage. A hardship can include, but is not limited to: job loss or an out of area transfer, divorce, illness affecting you or someone in your immediate family, being called to active duty in a military unit.
2. Monthly Income Shortfall – “More Month than Money”. You must show you lender that you currently cannot, or soon will not be able to afford your mortgage.
3. Insolvency – You do not have significant liquid assets that could be used towards paying your mortgage down.
Myth #2 – You Must Have Missed a Mortgage Payment to Qualify For a Short Sale.
This may have been true in the past but is not longer the case. Lenders today want to see a verifiable hardship, current monthly cash flow shortfalls, or approaching shortfalls and insolvency. If you meet these three requirements and you think you will become unable to pay your mortgage before long, it is important for you to act immediately. Once the foreclosure stopwatch starts your options become more limited.
Myth #3 – I Do Not Have Enough Time Before My Foreclosure Date to Negotiate a Short Sale.
This is probably the most damaging myth to the homeowner. Foreclosure is a process, and you do have time to make key decisions that could produce a better ending for you and your family.
Most of the time we stall the foreclosure up to the day of the foreclosure sale if you take action. Most all lenders will stall a foreclosure on a property if there is a legitimate executed sales agreement. Some lenders will even stall a foreclosure by simply providing information showing you are earnestly trying to sell the property. Hiring a real estate professional who is educated and experienced in the short sale and foreclosure process is key. We are the top, best and most productive Realtor for short selling a home.
Myth #4 – Listing My Property as a Short Sale is Embarrassing.
Your short sale will be 100% discrete. No one has to know. We don't even have to place a sign in the yard. Recent study shows that 1 out of 10 homeowners in the United States are currently 30 days or more behind in their mortgage. Over 70% never contact a real estate professional for help before losing their property to foreclosure.
Locally, short sales are not publicly recorded through the Realtors multiple listing service, so many short sales occur with only the parties that are privy to the transaction ever knowing that the homeowner ever faced financial distress and hardship.
Myth #5 – Short Sales Drag on Endlessly and Never Get Approved
In actuality, since the federal government passed HAFA guidelines, Turner Real Estate Group has been averaging a time frame of approximately 60 days from accepted contract to close. We employ a full time licensed staff member who handles the closing process, so your transaction runs smoothly.
Myth #6 – Banks are Not Accepting Short Sales and are Waiting for Another Bailout
Today, the reality is that the US government and lenders are willing to do anything they can to avoid foreclosing on properties. More banks are actively and aggressively pursuing short sales and they want to work with Realtors who understand them. Freddie Mac recently stated their organizational goal of “eliminating distressed assets through modification or short sale”. Furthermore, banks are working hard to improve the short sale process internally, making it easier for the local short sale expert and homeowners to work with them and to navigate through the short sale process.
Myth #7 – Buyers and Buyers-Agents are Avoiding Short Sale Properties
In today’s real estate market, “short sales” are synonymous with “good deals”. Modern buyers are eager to get the best deal available to them today. Short Sales are the "Shinny Penny" being priced even better than foreclosures, and buyers are taking note. Listing your property with a Realtor such as Wayne Turner who is educated and experienced in the short sale process will increase your chances of successfully avoiding foreclosure.
Myth #8 – Once the Lender Forecloses on My Property All My Troubles will be Over
Through many short sales, Turner Real Estate Group has successfully negotiated with lenders to forgive, or waive their right of redemption, on any deficient amount owed on the property. We can negotiate this for you too!
Myth #9 - I Don't Have Enough Money to Pay Broker Commissions and Fees to Sell My House
Turner Real Estate Group does not charge the homeowner commissions or fees when we sell your home through a short sale. Real Estate Brokerage fees are paid by your lender. Remember, they want you to list and short sale your home rather than it go through the foreclosure process. I will cost you nothing to short sell your.
Short Sales are new to many people, including many Realtors, but our team of professionals have taken a proactive approach through our education and experience to help homeowners who may be facing foreclosure. If you, or someone you know, can benefit from a meeting with us, we can be reached 24 hours a day, 7 days a week at… 985-626-1313.
What Past Shore Sale Clients say about us. . .
Going through a divorce is a stressful. I knew either of us could make the house payment. I got lots of letter from bankruptcy attorneys but I had no debt but the house. I got the letter from Turner Real Estate Group. Bottom line, Wayne stopped the foreclosure ten days before the foreclosure date. Wayne and his staff treat you like family. They care of everything and it cost me nothing. www.CallWayneTurner.com – Melvin Box, Madisonville
Wasn’t sure about a short sale, my mortgage company said to find a realtor in my area who specializes in doing them to insure it gets done right. Turner Real Estate was everywhere. The short videos are so cool. This site was way cool. www.NolaShortSale.com - Michelle Gainer 40 Belle Vue Loop
I had to relocate and needed to do it fast. I called Wayne to sell my home, and then realized I owed more than it was worth. It was no problem for Wayne and his staff. He put my home on the market and had multiple offers in 2 days. I had a first and a second mortgage, but we got it closed. You’re a miracle worker Wayne! - Sue Pemberton, Mandeville
My rate went up and so did the payment. The mortgage company wouldn’t work with me on a modification. After the divorce it was just too hard to keep it up. A short sale seemed too good to be true. It was such a relief to get that house off my shoulders. - Andi Pozzo, Covington
Stressed, angry, sad, confused, I received multiple letters from attorneys and other real estate agents. Really just felt confused on what to do. I noticed that Wayne had been selling homes for over 16 years and was one of only 7 agents in the state certified to do short sales. Very glad I made the right call. – James Menner, Slidell
I saw the shut down coming so I made some calls to my mortgage company. I had never heard the term short sale. I then googled short sale realtor and Wayne Turner was all over the place. He did exactly what he promised; super stress free sell and it didn’t cost us a cent. - Mark and Karen Arther, Mandeville
You guys are amazing. . .I thought I was going to file bankruptcy till I got a letter from Turner Real Estate Group. I called Wayne, listed my home, sold it in days and saved my credit from being tarnished for 7 years. – Danette Magee, Slidell
There is nothing more frustrating than not being able to pay your bills. After deciding to move closer to family I realized my home was worth far less than I owed. It was obvious that Wayne Turner was the real estate - short sale guru for St.Tammany Parish real estate. It was worth picking up the phone and calling Wayne. His staff is incredible. Anyone who owns a home faced with financial stress should call him. This guy knows his stuff. – Orlando Irizary, Mandeville
We owned a home for years here in Mandeville and when the down economy cut my income in half it’s was so incredibly stressful. Man I felt like to only person in the world going through this mess. Wayne reached to me and showed me all my options. It was a no brainer, sell it fast and move on with life. I tell everyone who needs a great professional Realtor to call Wayne and his team. – Gary Burt, Mandeville