SHORT SALES AND FORECLOSURES

These days a typical buyer would think that their market is composed of only properties that are in a short sale postures and are being foreclosed  While there are many opportunities in this segment, it is very easy to under estimate the difficulty of wanting to sell property that could fall into the short sale/foreclosure category.  

First, it is important to understand what a short sale is.  It is known in real estate market as a real estate short pay-off or a pre-foreclosure workout.  It is an agreement with a lender to accept than the amount owed by the borrower via a sale to third party.  Once a successful short sale is completed, the lender releases the borrower from the mortgage and thus, preventing any foreclosure.  The difference between the amount owed the bank by the home owner and the amount of the sale is considered as income and subject to taxes.  

Coldwell Banker Gundaker has an arrangement with Access Loss Mitigation which is a national company.  Their objective is to assist the home owner in modifying mortgage payments and/or assisting in the short sale process in an effort to prevent foreclosures.  Their efforts are directed toward reducing the negative impact on credit ratings as well as assisting in loan modification whenever possible.  

If you are homeowner and find yourself in the position of needing this type of assistance, please contact me as quickly as possible. 

Ron Gorman, Realtor Coldwell Banker Gundaker St. Louis Office 4320 Hampton Ave  St. Louis, MO  63109 Office: (314) 351-6005 Cell: (314) 570-5125 Fax: (314) 667-3016 Email: info@stlcityhomes.com   Licensed in the State of Missouri