| Nearly every day someone calls me and says, | | | | Most lenders are willing to work with homeowners |
| "Can you sell my house quick?" The problem is | | | | who have become delinquent with their mortgage. |
| real estate transactions aren't simple or quick; | | | | If the borrower is able to cure arrearages in a |
| particularly if the seller owes more on their | | | | short period of time, lenders can modify their loan |
| mortgage loan than the house is worth. In today's | | | | to temporarily reduce or suspend mortgage |
| market there are more sellers than buyers. The | | | | payments. |
| days of having multiple buyers competing to | | | | If the borrower is unable to become current and |
| purchase one property are a thing of the past. | | | | does not possess the financial means to stay in |
| Millions of homeowners need to sell their house | | | | their home, lenders can engage in a short sale. |
| quick in order to stop foreclosure. Others have | | | | Using this type of real estate transaction lenders |
| failed out of bankruptcy because they were | | | | agree to accept less than is owed on the |
| unable to adhere to their repayment plan. Some | | | | mortgage note. |
| are facing divorce or have lost their spouse and | | | | Short sales require the homeowner to locate a |
| can no longer afford to stay in their home. | | | | buyer within a certain amount of time. Many |
| There's also a group of people who inherited real | | | | investors seek out short sale properties because |
| estate but don't have available funds to maintain | | | | they are usually sold under market value. Prior to |
| the property until it is released from probate. | | | | entering into a short sale it is imperative to |
| If you are thinking, "I need to sell my house | | | | determine if the lender will pursue you for the |
| quick", then I encourage you to consider selling | | | | difference between the purchase price and loan |
| your home to a private real estate investor. This | | | | amount. |
| oftentimes overlooked resource can help you | | | | Short sales might create a tax burden for the |
| expedite the process and eliminate the need to | | | | homeowner. However, the Mortgage Forgiveness |
| hire a realtor. | | | | Debt Relief Act of 2007 allows taxpayers to |
| Although the housing market is currently in a | | | | exclude debt forgiven on their principal residence |
| slump, investors are purchasing properties at | | | | when the loan balance is $2 million or less. |
| breakneck speed. Housing prices have declined by | | | | Probate real estate refers to property owned by |
| as much as 50-percent in some cities, making real | | | | a person who has died. When real estate is |
| estate a lucrative investment. | | | | transferred to probate the decedent's estate |
| Not only do investors pick up great bargains, they | | | | must pay for all expenses related to the |
| also provide distressed homeowners with the | | | | property. This includes mortgage payments, |
| opportunity to make a fresh start. Many people | | | | taxes, utilities, repairs, maintenance and insurance. |
| are in dire financial straits. As unemployment rates | | | | If the estate does not have sufficient funds, heirs |
| continue to soar, people have to choose between | | | | are oftentimes forced to sell the house to |
| making their house payment and placing food on | | | | eliminate financial burdens. |
| the table. | | | | Regardless of the reason you may have for |
| Once homeowners fall two or more months | | | | needing to sell your house quick consider working |
| behind on their mortgage, it becomes nearly | | | | with a reputable real estate investor before |
| impossible to catch up. Lenders typically initiate | | | | placing your property on the market. Investors |
| foreclosure proceedings once a homeowner | | | | can be located via the Internet or through real |
| misses two payments. | | | | estate referral networks. |