"We can help people in the Pittsburgh area with thier short sales"
Pittsburgh, PA (PRWEB) March 25, 2013
Caldwell Holdings is an active participant in the Pittsburgh real estate market. The company buys single family homes all over South West Pennsylvania, from Erie all that way down to the West Virginia boarder.
The continued slumping real estate market combined with the worsening economic climate has left many Pittsburgh area homeowners in dire straits. There are many good hard working residents of the Pittsburgh metro area who are going to lose their house, due to unforeseen economic circumstances. All it takes is a few months of income disruption, a divorce, medical bills, or even a dip in revenue for the self-employed, for a family to fall into foreclosure. To make matters worse, many of these houses are either overleveraged, fully leveraged, in need of repairs, or in less desirable neighborhoods. A house with a problem is virtually unsellable in a slow real estate market.
This leaves the homeowner with a very serious financial problem. As the mortgage payments become more and more delinquent each month, the financial hole gets deeper. So the window of opportunity to save the house closes fairly quickly. At a point there is no chance to save the house. The family is going to lose their home. For example a typical family home is the Pittsburgh area can cost $120,000 or more. With a mortgage payment, over $1000 per month, eight months of delinquency makes this house almost un-savable, unless the seller can locate a buyer who will make up the back payments and take over the debt or replace the debt with new financing. Caldwell Holdings has been a leader in real estate debt assumption; however, in many cases this strategy is just not applicable.
In cases where the home is going to be repossessed by the bank, and it does not make financial sense for anyone to make up the back payments, there is another option. The homeowner can enter into short-sale negotiations with the bank. Basically what this means is that the home owner tries to negotiate a price reduction with the banks’ loan department, so that they can get the mortgage debt down to a point where the house can be sold, and they have a chance at saving their future credit. This is an arduous process that many real estate professionals and attorneys seek to avoid. The entire process of negotiations can take more than six months, and still end up with no positive resolution. The short sale process is too difficult for many well-meaning novices.
The goal of the short sale is not to save the family home. The short sale does not apply in situations where the home can be saved. Short sales are an attempt to buy the property at a marketable price, and in turn get the mortgage retired. That way the homeowner who is already down on his luck, does not need to file for bankruptcy or allow the home to get repossessed by the bank. The big problem with letting a property go to the bank is that the homeowner’s credit takes a very serious hit. That negative report can negatively affect the homeowner’s credit for up to seven years. Seven years is a very long time to have bad credit. Things like finding a house to rent, or eventually buy become very difficult for people who have declared bankruptcy. One thing that many people don’t realize is that, in the future, the former homeowner will have to pay a higher interest rate for almost all of their loans. This just extends the pain of losing a home.
That is why Caldwell Holdings has created a short sale negotiation program. Caldwell Holdings will use short sale experts to negotiate with the banks on behalf of the borrower. This service is free to the borrower, and may help save the future credit of the family. Anyone who is in danger of losing their home should call 724 978 0151 or go to http://sellyourhouseinpittsburghpa.com/ for a free pre-foreclosure consultation.