In this episode of the Selling Fort Wayne podcast, hosts Tyler Morningstar and Kerri Morningstar talk with Margaret Sklenar from Metropolitan Title Company. Margaret shares her insights on short sales and foreclosures in the real estate market. She explains that a short sale occurs when a seller is unable to pay off their mortgage and works with the lender to accept a lower amount to satisfy the debt. Margaret emphasizes the importance of understanding the tax implications of a short sale and highlights the extensive documentation required in the short sale process. She also discusses the challenges that can arise, such as dealing with multiple lenders and the time-consuming nature of the process. 

"The public thinks that if someone can't pay off their mortgage, it's because they're a deadbeat or because they just have been totally irresponsible financially. That is the case in some regards, but in other regards, not necessarily. So there are always a lot of circumstances that surround short sales, but ultimately, we work to help the lender accept the money that the seller can get out of their house in order to satisfy the debt and not have the seller go through foreclosure proceedings.” -Margaret Sklenar [03:12]

"It has to be a buyer that has the fortitude to wait and the time to wait to get the short sale around and also knowing that they're not going to get any concessions from the lender, from the seller or the lender.” -Margaret Sklenar [18:54]

What You Will Learn:

Steps involved in a home short sale process 

Challenges with different departments in short sales

Assumable loans

Considerations for buyers in short sale transactions 

Overview of the foreclosure process

Importance of title insurance and using professionals in real estate transactions

Contact:

• Contact Tyler at [email protected] and (260) 433-5385.
• Contact Kerri at [email protected] and (260) 410-8294.
• [email protected]
• Tyler Morningstar on Instagram: instagram.com/ty_morningstar
• Tyler Morningstar on TikTok: tiktok.com/@tyler.morningstar
• Tyler Morningstar on Facebook: facebook.com/MorningstarRealEstateFW
• Visit Century 21 Real Estate: homesforsale.century21.com/century-21-bradley-realty,-inc.-5263c
• Contact Margaret at (260) 497-9469 and (260) 410-8365.
• Visit Metropolitan Title Company: metropolitantitle.com

Sponsor:

Blake Evans, National Property Inspections Fort Wayne: npiweb.com/fortwayne