It’s hard to believe that nearly 2 years have passed by since the real estate market started to self destruct…The word Short Sale was not something that was heard often.
Even President Obama talks about them! Banks are overwhelmed with them and homeowners are starting to really understand the difference of just “walking away” from a house that’s upside down. It’s to the homeowners advantage to sell the property on a Short Sale, cut your losses and start to rebuild.
Still wondering if a Short Sale is right for you?
Here are a few commonly asked questions along with the correct answers:
Q. Do I have to be late on my payments to qualify for a Short Sale?
A. No, you can be current through the entire process. You do not have to miss a payment to qualify.
Q. I have not made a payment in months, will I be allowed to stay in the home while its up for sale?
A. Having you stay in the property is beneficial for the bank, they prefer it. Most of our clients stay in the property till a few weeks before escrow closes.
Q. How will this affect mey Credit?
A. There are o statistics that tell us for sure the exact science of the change to your credit score. But we have tracked past clients over the last year and the ding has been minimal in most cases. It is much less damaging than a Foreclosure.
Q. How much does this socst me?
A. All Real Estate Agent Commissions are paid by your lender.
Simply put, a Short Sale will help you recover faster and with much less damage to your credit if you need to sell your home. A foreclosure will devastate your credit for 10 years.
