Raffi Tal has been successfully executing short sales since the early 90's and currently oversees all files as the company’s EVP. Under Tal’s leadership, I Short Sale, Inc. has become one of the nation’s leading firms in short sale volume. As an authority in the field of loss mitigation, Tal has been a guest speaker on the issue in various conferences, seminars and for a variety of media outlets. 05.01.2010 – With short sales making up almost 35% of home sales in March and the country in a national foreclosure crisis, I Short Sale, Inc., one of the largest short sale firms in the U.S. sets the record straight on common short sale myths.
Short Sale Myths
1. You must be default on your mortgage to negotiate a short sale.
Short sales are not a function of default status on a mortgage. They are the result of the bank mitigating a potential default situation that, in the long run, will cost more money to the investors. We have completed many short sales in instances when the borrower was not in a default situation.
2. Listing my home as a short sale is embarrassing.
Anytime we get ourselves into a tough financial situation it can cause some embarrassing feelings. It is important to remember that those feelings will not help us get back onto stable financial ground. We need to overcome our feelings and do what is right to protect our financial futures.
3. Buyers aren't interested in short sale properties.
Short Sale properties are often times available at a competitive price to other properties on the market. In many cases, short sale properties are very well cared for and have not had to endure the deferred maintenance of a REO property. Short Sale properties are in great demand in the marketplace.
4. There's not enough time to negotiate a short sale before foreclosure.
A good negotiator takes into account the timeline affiliated with a foreclosure. There is always a chance that a short sale can be negotiated. However, the only way to know for sure is to try.
5. The bank would rather foreclose than complete a short sale.
Banks do not want to foreclose on property. It is expensive and carries a high level of liability once the bank owns that property as an REO. Wherever possible, banks are seeking other loss mitigation options before foreclosure.
6. Short sales are impossible and never get approved.
Short sales are complicated, but not impossible. We negotiate short sale approvals every day, with a very high success rate.
About I Short Sale, Inc.
I Short Sale, Inc. is a leading nationwide short sale and loss mitigation advisory firm that has assisted thousands of property owners and lenders in the intricate business of short sales, loan modifications, forbearances, deeds in lieu and other loss mitigation solutions. Since 1991, I Short Sale's principals have helped property owners and lenders avoid the lengthy and costly process of foreclosure and the stressful act of eviction. With over 18 years of experience, I Short Sale principals have developed a far-reaching network of contacts consisting of property owners, mortgage companies, banks and realtors. The firm's success is based on integrity and delivering on their client needs. Compliance with all State and Federal laws is our mandate. Learn more at http://ishortsale.com.
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