Short Sales, Step 1: Is a Short Sale the Right Option for You?

• Are you behind on your mortgage payments and are confident you will not be able to catch up soon?
• Do you have a loss of income or has a job loss forced you to not be able to make your payments?
• Is your mortgage payment more than 30% of your income?
• Are you a military service member who is PCSing to another base and your home does not have enough equity to allow you to sale your home?
• Do you need to move and your home is worth less than what you owe after paying Realtor commissions and closing costs?
• Does your home need major repairs that you cannot afford?

If you answered yes to any of these questions, it may be worth your time to call Brandi Croom with the Croom Team at Keller Williams Realty at 317-1992 or email us at brandi@thecroomteam.com  and schedule an informational meeting to go over your circumstances as well as get a current market analysis to see if a short sale is the right option for you.
If you are wanting to stay in your home and would like to try to work with your mortgage company to modify your loan, work out a different payment plan or explore your options then please call your mortgage company RIGHT NOW and tell them you are interested in the Making Home Affordable Program and loan modification.  Please read more on my post "I'm Facing Foreclosure.  How Do I Keep My Home?" which includes contact information for your mortgage company and what to expect.
If you have already received a forelcosure notice, it's not too late to attempt a short sale!  Almost every short sale we have sold was either in the foreclosure process prior to us listing the home or fell into the foreclosure process after the home was listed.  In both of these situations we are able to work very closely with your mortgage company to request delays in foreclosure to allow us to complete a short sale on your home if possible!
There are some downfalls to short selling your home such as you may have to wait several years before buying another home.  We used to read the waiting period was 2 years as long as you maintained good credit after the short sale but we've recently heard you will wait at least 3 years and then it depends on the lender and what their new guidelines are.  I mention this because if there is a way to either keep your home and keep current on the mortgage or to sell by bringing money to the table, you need to really weigh your options.  If you can't afford to keep the home or absolutely have to sell, then we can help you do a short sale if possible.