One of the sad consequences of the jagged economy we have experienced recently is that many people either have lost or will lose their homes to foreclosure. With much of the market having faced a slight decline in prices of late, many of these people are upside down on their home meaning they owe more than it can sell for. If you or anyone you know is facing such a hardship and is in danger of losing their home, we may well be able to help in one way or another. The one thing that you must know is that the bank does not really want the home back. They are going to do what is best for them and in some cases, foreclosing on the home may be the best thing. In most cases however, they would prefer to resolve their problem either with a loan modification or a short sale. A loan modification or work out package entails rearranging the terms of the loan to allow the homeowner to remain in the home with lower payments or a plan to get caught up on the past due payments. We at the Winney Team have successfully negotiated many loan modifications for our clients. It requires some work on the homeowners part as far as helping us gather the pertinent documentation and facts to present the package to the lender. We have found that many people have a hard time keeping up with a work out plan once they have fallen behind financially. Short sales have become a huge segment of today's market. A short sale is quite simply when the bank agrees to let the house be sold for less than the amount owed on it. Often it makes better financial sense to let it be sold as a short sale than to undertake the expense of foreclosing, maintaining and reselling the property. There are a couple of conditions that must be met in a typical short sale scenario. The seller must be able to demonstrate to a satisfactory level that they have lost the ability to pay and the seller must not have other identifiable assets the lender can attach for the shortfall amount. They are not agreeing to the short sale to be nice, it is simply a matter of economics. If you as a seller have assets, they will go after them. There are protected classes of assets such as retirement accounts. We at the Winney Team have been hailed as some of the foremost short sale experts in the country. Bob Winney wrote the book on short sales for real estate agents, Short Sales for Real Estate Professionals. He has been a featured guest on legal talk shows on the subject and is a frequent lecturer to the real estate community with all matters concerning short sales. Having been involved in hundreds of short sales, he is well qualified to help those needing to do a short sale in the Kansas City area. We also have a network of agents around the country who are quite adept and well trained in the art of short sales if you have friends or family outside of our local area needing help with getting out from under an over leveraged house. We do all the heavy lifting. The seller definitely needs to be 100% on board and provide the documents we request in a timely manner. The benefit to you is that we use all of our expertise to make sure the seller comes out with as minimal damage to their credit as possible. There are several potentially negative consequences of a foreclosure and even a short sale. Most agents know a little about short sales but certainly cannot claim to be experts in the field. Why take the risk of inexperienced representation in such a critical matter. We will use all of our expertise and resources to minimize your liability. Your cost to have us represent you in the short sale is nothing. The lender will pay the fees and commissions. They do not want the house. You will receive no funds from the sale. Under certain circumstances if your loan is an FHA loan you may be able to receive up to $1000 for moving expenses. Feel free to call or email to discuss your particular situation with us. We will protect your privacy and all conversations are confidential. You can count on us to represent your best interests. We can be reached at 913 385 4000 or email us at info@winneyteam.com . |