Make no mistake, a short sale should be the last step before foreclosure. It will impact your credit. But if you can't modify your mortgage or otherwise find a way to make the payments, it beats a foreclosure or bankruptcy
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Valrico, FL (PRWEB) April 29, 2009
S3 LLC, a Florida-based consultancy, has announced the launch of its new guide to real estate short sales for consumers, available for immediate purchase and download in PDF format at its new web site, http://www.WayToShortSale.com. The author of the guide is Yuri Plotnikov, S3 LLC's founder and a decades long veteran of the real estate mortgage industry who has successfully navigated a real estate short sale himself, as well has helping numerous clients through the process.
Priced at $14.95, the Guide is a mere fraction of the cost of other competing products, is more complete and more accurate than anything the firm has seen to date, and is the only known guide aimed at homeowners as opposed to real estate industry professionals. Because Mr. Plotnikov has first hand, successful experience, this is a practical hands-on Guide with real world examples.
"Over 80% of short sale attempts fail due to improper execution," said Yuri Plotnikov. "The process is extremely complex, the timing of every step is very critical, and more than 90% of licensed REALTORS® have never successfully executed a short sale. Not to be disrespectful, but most real estate agents just simply don't have the experience. The information that the average homeowner gets is incomplete at best, and very confusing. Plus, there are several vital steps a homeowner should be taking to protect their assets and credit viability going forward, which are outside of the scope of the real estate transaction itself. In other words, vital steps that a real estate agent probably wouldn't explore with the homeowner."
The WayToShortSale.com Guide covers all of these topics and more, and includes several sample forms and letters to guide the homeowner through the process. Whenever possible, the samples are provided in editable Microsoft Word format, so that they can be used as a starting point and edited by the homeowner to fit their specific needs. "There are a few other information packets being sold online, but they cost hundreds of dollars or more, are geared towards industry professionals, and the information actually has huge gaping holes. We were frustrated with what was available, and decided to write the definitive Guide for the average homeowner, and sell it for a reasonable cost," said Mr. Plotnikov.
According to CNN, 1 in 5 mortgages are currently "upside down" and nearly 8.3 million homeowners are seriously delinquent in their mortgages. A real estate short sale is a method of last resort, but is preferable to foreclosure for both the homeowner and the bank. "Make no mistake, a short sale should be the last step before foreclosure. It will impact your credit. But if you can't modify your mortgage or otherwise find a way to make the payments, it beats a foreclosure or bankruptcy," said Mr. Plotnikov. Whereas a foreclosure will stay on your credit report for up to 7 years, and a bankruptcy for 10 years, a short sale can be off your credit history in as little as 2 years, while protecting the rest of your assets if executed properly. With foreclosure pending, a short sale is preferable for the mortgage lender as well because it's less expensive than repossessing the property and then having to pay realtor fees and other expenses during the sale process, while ultimately resulting in a sale of the same amount that a short sale would have garnered anyway. A short sale not only helps the homeowner and the lender, but is seen as one of the last means of correcting the U.S. housing crisis by clearing the inventory of lender-owned properties - the so called "REO" inventory.
About S3 LLC: S3 LLC is a consultancy located in Valrico, FL. S3 focuses on helping troubled homeowners navigate real estate short sales. S3 was founded by Yuri Plotnikov, a mortgage industry veteran with more than a decade of experience, and hands-on experience navigating his own real estate short sale. For more information about Yuri's personal story and the WayToShortSale.com Guide, visit WayToShortSale.com.
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