This article, a list of myths and truths, is meant for REALTORS and for homeowners that may be considering a short sale - selling your home for less than what is owed to the lienholder(s).

 

MYTH: Short sales are all the same.

TRUTH: Each one is different from the next. Here are a list of factors that vary in every case: The lienholder, number of lienholders, when the home was purchased, the type of loan, the borrowers hardship, employment status, use of the home, condition and value of the home, homeowners current income AND their plan, the commitment level of the homeowner to a favorable conclusion, bankruptcy and many more.

 

MYTH: Short Sales are just like "traditional" sales except it takes longer because of the banks.

TRUTH: Yes, the economy has turned on most Americans, unemployment rates have gone up, small and medium sized business owners have seen dramatic drops in business and income BUT not everyone finds themself in a position that requires a short sale. In fact, the majority of homeowners that have defaulted on their mortgage by 30 or 60 days actually recover and keep their home. The people that do not recover and hence MUST either sell short and/or file for bankruptcy are the ones that had the rest of their world fall apart. It is for this very reason that  EVERY SHORT SALE IS MUCH MORE THAN JUST A SHORT SALE.

 

We, The Sapphire Real Estate Group, specialize in short sales. Our clients are much more than victims of a crappy job market and they certainly are NOT "just lazy people". Our families have been hit by terminal cancer, divorce, death in the family, debilitating work injury, job loss, hourly cutbacks, house fire, car accidents and much more.

 

Granted, as REALTORS our job is to list and sell properties and to operate soley within the scope of our abilities, BUT even though it's not your "job" to be a professional listener, grief couselor, life coach, ass kicker(I can say that because it's in the title of a TV show), trash hauler and lawn mower (yes, I've done both) source of inspiration and FRIEND when you choose to take on a short sale client and you are not ready to be a provide one or ALL of these, you and your clients will suffer.

 

If you are considering selling your home short, it's very important that you find a team of REALTORS or a single one that wears an S on his or her chest(SuperWoman or Superman) that is both experienced with short sales and prepared to be and do ALL that needs to be done so that you can make it through this tough time.