Worried about foreclosure on your Andover home?

Sometimes you have no choice…you have to sell your home but you owe more money on your home than you can sell it for in the current real estate market here in Andover. If so, a short sale can be a very good solution to your problem.  Still, there remain many myths about short sales and unfortunately many homeowners risk foreclosure unnecessarily  because of these myths.  Let’s take a look at the truth about short sales.

 Seven short sale myths are:

1. Short sales are impossible and never get approved. It is true that short sales are more difficult but they are not impossible. A Certified Distressed Property Expert (CDPE)  has extensive training to help homeowners in distress.  By engaging the services of a CDPE you’re chances of completing a successful short sale improve significantly.
2. Banks Don’t Accept Short Sales. In reality, banks, too, would like to avoid foreclosure whenever possible, but it is critical that your realtor has special training the process.  Many attempted short sales fail simply because the process was mishandled.
3. You must be behind on your mortgage to negotiate a short sale. Many lenders today focus on verifiable hardship, monthly cash flow shortfall and insolvency, not just people in default.
4. Buyers Avoid Short Sales. Many agents report that buyers call them looking for short sales and an experienced, knowledgable real estate agent understands short sales are becoming synonymous with a “good deals.”
5. Listing your home as a short sale is embarrassing. Recent estimates state that 1 out of 5 homeowners in the U.S. is in this situation. You are not alone!
6. Banks prefer to foreclose. Banks do NOT want to foreclose. Banks, investors and the federal government have all publicly stated that if a person qualifies for a short sale, then the deal needs to be considered.
7. There is not enough time to negotiate a short sale before my foreclosure. Many lenders today will stall a foreclosure up to the final day of the process, with a legitimate contract.

I am one of the few realtors in the area who is a Certified Distressed Propery Expert. I have the training necessary to help homeowners who may be having difficulty keeping up with their mortgage payments.

Search here for homes for sale in Andover and surrounding communities.