Asheville Homes and LAND!- The Keep In Touch Blog


Asheville Distressed Short Sale Remedies

Dateline Asheville, North Carolina, August, 2009
Real Estate News and Views from Green Asheville's "Stay-in-Your-Home" Eco-Steward

Always on the look out for excellent information, my colleagues at our Firm and I  have attended many on the look out for good short sale adviceclasses and  seminars on short sales-sale of a home  in which the proceeds will be less than the balance owed on the mortgage loan here in Asheville  and beyond.  One of my favorites was presented by two (2) real estate attorneys and a CPA where I learned to ask the "right" questions.(see below)  . Think of the combined experience the seminar leaders possess, and you will know why I say that learning experience is "one of my favorites".... 

Nowadays, it is important to have a handle on the entire short sale process and then to be able to convey it to clients. Certainly this seminar gave me and my colleagues a deeper appreciation of the distressed property market not only here in Asheville, but in the larger view.  It is complicated on both the buy and the sell side. Navigating it with skill means not only research, but hands-on practice. 

Here are some questions that must be asked:
1)  Has a notice of default been filed on the property?
2) Has a "proof of hardship package" been turned in to the lender(s)? 
3) Who is/are the lender(s)?
4) Has the lender assigned someone specifically to the short sale of the home that can be spoken with?
5)   How close to foreclosure is this property? 

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Thanks JaneAnne. I am in the middle of a short sale now, as the buyer's agent, and feel like there is nothing I can do from this end. I will contact listing agent and make sure everything was sent in a timely fashion that the bank would want to have.

Posted by Betty Smith about 11 years ago

These types of courses are so valuable. There are lots of ins and out to the whole process.  When a condo is involved... there may be other "lienholders"  eg. the association... and all lienholders have an interest in the property which must be addressed.

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) about 11 years ago

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