Hello I am Matt Fetick with SoldByShortSale.com, Philadelphia’s leading short sale specialist. I want to welcome you to our website; this is kind of our place where we provide information all about short sales with homeowners that live in Philadelphia. Generally, we share a lot of information with people that owe more on their home than what it is worth and the different options that are available to them. A lot of people have found themselves in a challenging situation today because house prices have decreased. If you’re in a situation where you did 100% financing or took out a home equity line of credit, you may now be in a situation where you owe more on your home than what it is worth and you need to get it sold. Some of the reasons as to why you need to sell your property are because of divorce, job loss, under-employment or you can no longer afford your property, illness or mortgage resets. If you’re in any one of these situations, a short sale can be very advantageous.

The way a short sale works is we sell your house as if it is a traditional sale; we market and advertise it as if it is a typical real estate transaction. Once we receive an offer on your home we work with your lender to accept less money than what they are owed. We assemble a financial snapshot and explain to your bank what your situation is and why you need to short sale your house. We get some documentation from you such as current paystubs and bank statements, send it in to your lien holder and show them why allowing you to short sale your home is good for them and good for you. We deal with them through the process and ask them to accept the short sale payoff as payment in full.

What I just described makes it sound very simple, but that’s not really the case. It’s typically easy for the homeowner, but it is a lot of work for the short sale realtor. One other thing to be aware of is that you do not pay for our services. We charge a real estate commission and ask the bank to pay that as part of the short sale process. There are other options to foreclosure besides short sales such as deed in lieu of foreclosure, bankruptcy, loss mitigation options.

No matter what, the best thing to do if you need to get out from under your property is to talk to us so we can better explain your choices to you. Don’t think that your financial difficulties are going to disappear. Give us a call and we can sit with you one-on-one in a confidential consultation. Thanks for visiting me at SoldByShortSale.com.

For more information on short sales and how to avoid foreclosure, visit the Sold By Short Sale blog or you can also contact the Matt Fetick team and get started today.