In the third quarter 2007, 635,159 filings were reported, escalating the national foreclosure rate from last year to a record  99.5 percent.

Even homeowners and investors with 700+ credit scores and perfect payment histories have found themselves upside down on their property’s market value versus its negligible equity, forcing homeowners to consider selling their homes for less than what they owe. This type of sale, in which the proceeds fall short of the existing mortgage (s), is known as a “short sale.”

Even in today’s difficult market, most lenders prefer not to foreclose on properties but rather to work out a mutually beneficial arrangement with borrowers, often agreeing to accept the deficient proceeds from sale simply as a means of closing the property.

While the short sale transaction can provide a “win-win” situation for lenders, sellers, and buyers alike, the process can prove overwhelming to even the savviest investor, compounding the stress of an already difficult situation.

Marsha Wolak Auctions now have our own legal staff  who negotiates directly with the lenders on our behalf and who are dedicated entirely to following through to completion the many challenges associated with a short sale.

Lauren Kohl-Helbig, a real estate attorney at GKW&H (Gibson, Kohl-Helbig, Wolff & Hric, P.L.), works closely with the MWA Short Sale Department as she start working with the lenders on your behalf before the auction, preparing all of the paperwork and work on identifying a “short” amount the bank will deem acceptable.

Lauren enjoyed a successful career in real estate sales as she was the top producer in her Sarasota office for five consecutive years and taught home buyer seminars in conjunction with several local and national mortgage lenders.

No matter your financial situation may be, a short sale may be a viable alternative to bankruptcy or  foreclosure. Contact MWA’s short sale department today and let us start working with your lenders to try and improve your financial tomorrow.

Please contact us if you believe you are a candidate for
an auction "short" sale.