The other day I was asked the question “is it possible to short sell a luxury home?”. This is a really great question! Most luxury homeowners are upside down in their homes.
The simple answer is you can short sell if you owe more on the home than it can currently sell. However, luxury homes bring a whole other set of obstacles, there is a bit larger deficiency (which can be more work for the real estate agent- make sure yours is experienced in short sales) and you must have a buyer for the luxury home- there are less buyers as the price of the home rises.
The good news is as long as the agent is super experienced in short sales it is feasible!
Here at SRE by virtue of experience, we have pushed luxury short sales to completion. This is not something that should be approached lightly, but with the right Short Sale skills it is absolutely possible.
As always the goal of a short sale is to help the struggling homeowner out of a home they can no longer afford and help a homebuyer into their perfect home, all in one transaction! Also, short sales help the neighborhood values, foreclosures generally bring the values in the neighborhood even lower.
LUXURY HOME SHORT SALE TESTIMONIAL
Testimonial- Happy Short Sale Client
{ 2 comments… read them below or add one }
Wow, That’s a wonderful endorsement of your service!
Best,
Jason
I thought so too! I do have to admit, we are good at short sales- this is the feedback I want from all our clients!