Specialized Loan Servicing: Short Sale Assistance for Home Buyers
The decision to purchase a home is never made lightly. For the average person, a house would be the biggest investment they will ever make, so they’re under pressure to do everything right: finding the right house for their specific needs, circumstances and financial capacity; negotiating the best price; getting all documents and legalities in order, etc.
Of course, none of these tasks can be accomplished through the DIY route. The sheer complexity of the entire home buying process and all the associated activities would be too much for someone not versed in real estate trends and financing strategies to handle, so it’s best to turn to the professionals for help—especially if you’re looking at a house that seems to come with a good deal, since you’re most likely to be looking at a short sale.
What is a short sale?
A short sale takes place when a homeowner sells his house for less than the amount that he owes the mortgage company. Everyone owed money by the homeowner must agree to receive less than the owed amount, or even nothing at all, in order for the deal to close. This means that the home buyer can get the house for a lower price, and the current homeowner will not have a foreclosure on his credit record.
The problem is that the complex nature of short sales means it will take longer than usual to close, causing buyers to exert extra effort to complete the property purchase.
These obstacles can prove to be highly frustrating for many home buyers. On top of the unique difficulties presented by a short sale, there are the usual concerns that buyers have when going through the process of investing a large amount of money. There’s the matter of dedicating a significant period of time to the process. Completing documentation and paperwork can be especially bothersome to people who struggle with staying on top of so many details—and maintaining accuracy in all documents is yet another concern to think about. They want to be assured that they are working with real estate and lending professionals with utmost integrity, that they can trust.
Hiring the right people
To ensure a successful property purchase, home buyers are advised to tap the expertise of companies providing specialized loan servicing. Short sale negotiations will be properly managed because these specialists will have loss mitigation services that can assist realtors, lenders and home sellers for a more streamlined and cohesive overall transaction. The result is a faster and more successful home purchase and greater peace of mind for home buyers.