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The Five Stages of a Short Sale

Some Crofton MD home sellers are facing a short sale situation.  If this describes you, it may help to know what to expect.

If you’ve been following me on Facebook, you already know that my husband Larry had both knees replaced last month.  He’s recuperating right on schedule, and now he’s getting around with a cane after just three weeks.

It’s been an interesting journey for the entire family, and I can attest to the five stages they told him (and us) to expect:

1. Anxiety. 
2. Oh my goodness… what have I done!?!?!? 
3. Okay, this hurts but I can handle it.  
4. I can see the light at the end of the tunnel. 
5. Why did I wait so long?

Sign Short Sale Image ChefThis is not too different from the emotional journey some of my clients experience when their home value is lower than their mortgage balance.  In other words, a short-sale is their solution to a problem – somewhat like knee replacement was a solution for my husband’s knee issues.

So let’s look at those five stages from the perspective of an “under-water” homeowner:

1.  Anxiety. Making the decision to begin the short-sale process and choosing the right REALTOR to represent you. 

2. Oh my goodness… what have I done!?!?!? – Completing all the paperwork required for a short sale is time-consuming and emotionally difficult, as you spill out every detail of your personal financial history.

3. Okay, this hurts but I can handle it.  The wait for approval by your lender – many weeks and sometimes months.

4.  I can see the light at the end of the tunnel.  Short-sale approval by your lender!  (Now you can “just” deal with normal seller concerns such as appraisal, home inspection, and title search.)

5. Why did I wait so long?  Settlement. 

Once the short-sale is behind you and you’re “back on your feet”, in a manner of speaking, it is such a relief.  Now you can begin to rebuild your credit and your life.  This is, indeed, a question you’ll be asking yourself… Why did I wait so long?

A short sale is something no one wants to face, but it is a fact of life for many people today. Your neighbors, your relatives, prospective buyers… they WILL understand that your situation is a result of market conditions and not a flaw in your character or a failure on your part. 

They won’t judge you, so stop worrying about that and pick up the phone to call me or another Crofton area REALTOR for help.

__________________________ is your one-stop source for information about Crofton, Maryland, and the surrounding area.  It’s my way of keeping current residents informed about their community and real estate matters while also attracting relocating home buyers to the Crofton area (including Bowie, Crownsville, Davidsonville, Fort Meade, Gambrills, Millersville and Odenton).  Please feel free to contact me any time for more information.

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