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North Eastern Ohio Luxury Home Short Sale Takes a Long Time To Sell?

Don't take a chance on your fortune. Don't just hire someone to sell your North Eastern Ohio luxury home. Consult with someone who can create a strategy to relieve you of a toxic asset and create future opportunities for you. Call Andy 216-324-6637

One thing I love about luxury home short sales is that they typically sell quickly.

However I consider my self a consultant who’s main job is not just to sell my clients home but to actually put my clients in a better situation. Sometimes my strategy involves a sale that takes a bit longer. Why would I intentionally take longer to sell a home that is nearing foreclosure? There are several reasons:

1) There are times when based on market research I know that the price will be very much lower than what is owed but I can’t 100 percent verify that with actual sold comparable for the short sale lender. I can list higher and slowly lower the price until we get an offer. Then I can show a market history printout along with showing history to verify that the offer we present to the lender is a legitimate offer.

2) I have found that very often the owners of North Eastern Ohio luxury properties have other assets that are attachable and income that is garnish-able.  I call these luxury home owners COLLECTIBLE.  The good news is that a large portion of luxury home owners now can be eligible for HAFA (Home Affordable Foreclosure Alternatives) which is the U.S. Treasury Departments program to try to stem flood of foreclosures hitting the market. The two big benefits of the HAFA program is that you can start a short sale while being current on your mortgage and you successfully complete a HAFA short sale your are guaranteed to not owe any money afterwards. There are plenty of nuances here but suffice it to say this is good for all owners looking to sell their home on a short sale.  There are many folks who do not qualify for HAFA and many lenders that don’t offer HAFA.  If it becomes apparent that there is significant chance that a lender will look to collect the deficiency we take extra precaution in our marketing to make sure we do everything in our power to get an initial short sale offer price that is as high as possible to minimize lender loss so as to minimize our clients potential future liability and give us a better chance at negotiating that liability to zero.  This extra marketing effort however may involve more time.

3) Another reason for intentionally drawing short sale is that often times it behooves the seller to stay in the home as long as possible while not making payments.  This will allow a seller to save up some money and be ready to actually make a new start when his or her home sells.

Using any strategy that involves delay means that you want to have an agent that really understands where you are on the foreclosure timeline and can advise you on potential strategies to delay foreclosure and or defend foreclosure if necessary.

I want to say that I do not like to delay starting a short sale.  Sellers should only do so under special circumstances.  Most short sale sellers have a sense of urgency when they come to me, and I share that urgency so much that I have created an industry leading, “Your Short Sale On Time” guarantee.

Call me today to see selling your home on a short sale makes sense.  216-324-6637

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Andy Morris is an Ohio real estate broker with an expertise in selling homes on a short sale. If your Ohio luxury home is heading towards foreclosure or you owe more than your property is worth, please call Andy at 888-4-STOP-IT to see if you qualify for a short sale with your lender. Are you not in the North Eastern Ohio area? His team can negotiate short sales across the United States.

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