There is no denying that in the last few years times have been tough. Due to the increased costs of living and the increased number of people losing their jobs, more and more people are being forced to look into foreclosure as their only option to make ends meet. This senerio is happening to good people every day. If you happen to be faced with this same situation, you're not alone! In 2009 alone there were over 30,000 foreclosure files in the state of Wisconsin and over 3,000 foreclosure home sales. However, there is an alternative to foreclosure so that your home does not end up as one of these statistics; it is called short sale. 
Instead of accepting foreclosure and surrendering your home, A short sale allows you to make a deal with your lender so you can avoid foreclosure and the other pitfalls that come with it. A short sale occurs when your home is sold for less than what you currently owe on the house. If the short sale is close to the market value, and with the right short sale realtor, it is possible that the lending company will allow a short sale to happen. You are able to sell your home and the bank will let the difference slide. 
There are many reasons why you may find yourself in financial hardship. You may have lost your job or taken a reduced income cut; you may have recently divorced or separated; you may be suffering from a serious illness which is preventing you from working; you may have just lost your spouse; your business may have plummeted; or you simply may have overspent. Whatever the case, a short sale allows you to recover from your financial hardship without succumbing to the fate of foreclosure. 1. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional and a real estate attorney who specialize in short sales. Short sales have proliferated only in the last few years, so not all agents have the knowhow to help you with the sale of your home. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest. As qualified real estate professionals, we can: · Provide you with a comparative market analysis (CMA) or broker price opinion (BPO). · Help you set an appropriate listing price for your home, market the home, and get it sold. · Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers). · Ease the process of working with your lender or lenders. · Negotiate the contract with the buyers. · Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.
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