A realtor is a critical part of a Fergus short sale and helps to protect the homeowner.
A Fergus short sale is a rather complicated transaction when it comes to real estate transactions. It requires more negotiation and finesse than usual because there are 3 parties to the transaction, instead of the usual 2. However, a realtor is even more important than usual when it comes to a short sale, because the average home buyer is lacking the knowledge and skill necessary to deal with a short sale.
A short sale occurs when a home owner wants to avoid facing foreclosure and does so by selling the home for less than is left on the mortgage. The lender must agree to accept this amount and forgive the remainder left on the loan as a part of the sale, and therefore must be a part of the negotiation process. This frees the home owner from the mortgage obligations, has less of an impact on his or her credit than a foreclosure would and helps the lender avoid having to deal in real estate.
The role of the real estate agent is to look out for the interest of the home owner. He does this by first finding a buyer for the home. Only after a buyer has been found can negotiations begin with the lender for the amount the loan will be settled for. A Fergus short sale realtor will act on the homeowner’s behalf with the lender, negotiating with them and convincing them that they need to accept the amount being offered, so that they can get rid of the loan from their books. They will also make sure that all liens and loans are settled in the short sale.
If you find that you are in over your head with your mortgage, are facing financial hardship because of a mortgage you can’t handle and a change in your finances, get yourself a Fergus short sale realtor to help you understand your options and get you on the road to a new financial beginning.
Call us, your local Fergus short sale experts, today for a free consultation.