Choosing the Best Naperville Short Sale Agent: What Does it Mean for Your Property?

Choosing the Best Naperville Short Sale Agent: What Does it Mean for Your Property?

If you are planning to list your Naperville property for a short sale, it is extremely important that you hire the best agent to represent you. No agent can guarantee a 100% successful short sale but you need someone who can give you the best chance of success. Think of it this way,  if you had a $100,000 legal question would you deal with it without the help of an attorney? You need the expertise of the best agent to have a successful sale.

One obvious reason for choosing a well-experienced short sale agent is for their knowledge of the ins and outs of the process – knowledge gained from previous short sales. This will greatly benefit you by keeping you up-to-date on the many short sale regulations and requirements.

Another benefit of hiring the best Naperville short sale agent is that he or she most likely belongs to a team. Short sales take a lot of time.  Agents often spend many hours negotiating with banks and managing extensive paperwork. If an agent is working alone, too much time will be spent on all these administrative and logistic activities leaving less time to manage your short sale effectively. With a team to support your agent, you are assured that your property will get the attention it needs.

Work with a short sale agent with a track record of success and extensive experience. At Ryan Hill Realty, we have our team of skilled and seasoned short sale agents who can help you. Benefit from our team’s expertise and call us today. Call us on 630-276-7575 for a free consultation.

Teresa Ryan

Broker/Owner, CDPE

Ryan Hill Realty

1001 E. Chicago Ave., Ste. 103

630-276-7575

TRyan@RyanHillRealty.com

Do I Qualify for a Naperville Short Sale?

Do I Qualify for a Naperville Short Sale?

Distressed Naperville homeowners usually ask the question “Do I qualify for a Naperville short sale?”

The housing crisis put millions of Americans underwater with their mortgages. More and more homeowners are turning to short sales to avoid foreclosure. 

A short sale (also know as a pre-foreclosure sale) happens when the homeowner and their mortgage company agree to sell the home for less than the amount remaining on the mortgage.  This is a loss to the lender but they usually accept short sales since they stand to lose more in a foreclosure. The seller does not profit from the short sale but can be released from the debt and avoid the negative impact of a foreclosure.

Although short sales are a better alternative to foreclosure, not all sellers can qualify for it. Before you start the short sale process, it will be helpful to know if you pass the qualifications for a Naperville short sale:

1. The value of your home has dropped.

You can back this up by asking for a comparative market analysis from a qualified Naperville short sale agent. The comparative market analysis will show the value of similar home sales in your area and will substantiate that your home is really worth less than the mortgage you still owe the lender.

2. You can no longer afford your mortgage payments.

A lender will need proof that you cannot afford or will not be able to afford your mortgage. Lenders used to not approve short sales if the homeowner was still current on mortgage payments. Lenders now realize that there are other factors that may contribute to a potential default in mortgage payments. Many lenders are eager to nip a foreclosure in the bud to avoid bigger losses in the future. This means you may qualify for a Naperville short sale if your mortgage payment is only in the “near default” status.

3. The seller is experiencing a financial hardship.

The seller must be in a situation which has caused or will cause the seller to stop making monthly mortgage payments. The seller must submit a hardship letter to the lender explaining the reason why they cannot pay the monthly mortgage anymore and why the seller cannot pay the shorted difference upon completion of the short sale.

4. The seller does not have other assets.

This is also called “insolvency.” The lender will want to see that the seller does not have any liquid assets they can use in order to pay for the outstanding mortgage balance. The lender may ask the seller to submit financial documentation to back this up like tax returns and financial statements. If the lender discovers that the seller still has assets (this includes cash in a savings account, stocks, bonds, properties, IRA accounts, etc.), the short sale may not be approved since the lender feels the seller is still capable of paying the deficiency caused by the short sale.  There are some instances when sellers with assets are granted a short sale, but the lender may require them to pay back the deficiency after the short sale is completed.

If you have questions or feel you may qualify for a Naperville short sale, please contact certified Naperville short sale agent Teresa Ryan on 630-276-7575 for a free consultation.

Teresa Ryan

Broker/Owner, CDPE

Ryan Hill Realty

1001 E. Chicago Ave., Ste. 103

630-276-7575

TRyan@RyanHillRealty.com

Avoid Foreclosure and Protect Your Credit by Doing A Naperville Short Sale

Avoid Foreclosure and Protect Your Credit by Doing A Naperville Short Sale

For distressed homeowners, doing a Naperville short sale is one way to avoid foreclosure and protect your credit.

More than 6.4 million homeowners across the United States are still underwater on their mortgages and face the threat of foreclosure. This means they owe more on their mortgage than their home is worth. 

Foreclosure is not an ideal situation for homeowners since it has a damaging effect on one’s credit rating, not to mention the emotional damage it can cause homeowners.

Current lending guidelines make lenders rely heavily on a borrower’s credit scores to make a quick decision in approving home loans, interest rates, and the amount of the down payment. A credit rating is so important when making major financial decisions like taking out a home or car loan or applying for a credit card. Having badly damaged credit due to a foreclosure makes it hard for a borrower to move on with life.

Homeowners who are behind on their mortgages have an alternative to avoid the financial and emotional impact of a foreclosure. A Naperville short sale is a more dignified alternative that more and more homeowners are doing to get out of mortgage debt and avoid foreclosure.  A short sale is sometimes the best solution for homeowners who owe more than their home is worth and need to sell it.

Naperville short sales also affect credit score, but not as badly as a foreclosure. A short sale can lower the homeowner’s credit score by 50 points. A foreclosure can impact a credit score by as much as 250 to 300 points.

Another benefit of a short sale over a foreclosure is the credit recovery time. Homeowners who have gone through a short sale only need to wait as little as 2 years to buy another home, instead of the 5 to 7 years they will have to wait if they go through a foreclosure.

If you are behind on your mortgage payments and meet the short sale criteria, you have options. Find out if you are eligible for a short sale and hire a qualified Naperville short sale agent to help you effectively market your home, and negotiate with your lender.

A Short sale is a very complex process that will require the expertise of an experienced Naperville short sale agent. Teresa Ryan and the Ryan Hill Realty team are trained in Naperville short sales and will help you through the process if you meet the criteria.

Teresa Ryan is a certified Naperville short sale agent who has the training and skills needed to help distressed homeowners come up with solutions that will help them avoid foreclosure.

If you have questions or feel you may qualify for a Naperville short sale, please contact certified Naperville short sale agent Teresa Ryan on 630-276-7575 for a free consultation.

Beware of scams: http://knowyouroptions.com/find-resources/information-and-tools/beware-of-scams

Teresa Ryan

Broker/Owner, CDPE

Ryan Hill Realty

1001 E. Chicago Ave., Ste. 103

630-276-7575

TRyan@RyanHillRealty.com