Conroe – On our last blog post, we ran some numbers on why a short sale reduces a lender's losses by 20% compared to a foreclosure.
Today I am going to add all the numbers together. That way we can see exactly how much this lender lost by not accepting the
short sale.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
I am using the real life example of a short sale that was listed for sale for $425,000. The lender turned down an offers for $385,000 and ended up selling the home for $230,000.
Let's add up the costs.
$155,000 in sales price loss. ($385,000 minus $230,000.)
$30,318.75 in lost interest income. ($385,000 lent at 4.5% interest over 21 months.)
$11,411.89 in property taxes that would have been paid by the short sale buyer, but instead were paid by the lender. ($6,521.08 annual property taxes over 21 months.)
$3,000 in estimated foreclosure costs. (This is to pay the foreclosure attorney and the court costs.)
$4,200 in Homeowner's Insurance. ($200 monthly times 21 months.)
$203,930.60 in total lost because they didn't accept the short sale offer. Ouch! I don't care how rich you are (or how many bailouts you received), that is a lot of money.
Yes, these numbers are correct. Real estate is an expensive business. It costs a lot of money to own and maintain a house.
Just look at how much you spend on your mortgage, property taxes, homeowner's insurance, maintaining your house, and mowing your yard. Now multiply that by 21 months. Make sense?
Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at . I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 936-321-2977
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Conroe loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Laura Austin.
Laura is a Real Estate Agent at Keller Williams Realty.
Phone: 936-321-2977. .
View My homes for sale at .
Laura Bolieu Austin specializes in loan modification assistance and short sales in Conroe Texas. Conroe Loan Modification Help, Conroe Short Sales. Conroe Short Sale Realtor. Conroe Short Sales. Conroe Realtor.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Laura Austin, Keller Williams Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax adviser before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go through with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Laura's personal views and do not reflect the views of Keller Williams Realty.
This information on The Final Numbers On How A Conroe Short Sale Reduces Losses is provided as a courtesy to our viewers to help them make informed decisions.
Laura Bolieu Austin
ABR, CDPE, CDRS, CSSBR, CHMS,
CSP, GRI, SFR, SRES, TAHS,
Certified New Home Buyers Representative
REALTOR®
Keller Williams Realty - Conroe
936-321-2977 Direct
281-798-2911 Cell
866-347-2911 Fax
Laura@RealtyTx.net
www.RealtyTx.net
www.StopForeclosuresInTX.com
www.AvoidForeclosureInConroe.com
