Short Sales-Real Estates’ Escape from Foreclosure, Default, and Poor Credit Scores

Jul 14
07:56

2011

Aloysius Aucoin

Aloysius Aucoin

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A real estate sale in which the sale proceeds are lower than the balance that is owed on the property’s loan is known as a short sale. This sale often occurs when the borrower is unable to pay back the mortgage loan of their property, and the lender agrees and makes the decision that a sell of the property at a reasonable loss is better than continuing to go after the borrower for payment. Both the lender and borrower are in agreement in a short sale process in order to avoid a mark against the borrower's credit report and foreclosure, which can also result in huge fees from the bank.

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If you are a borrower on a home loan and cannot make your monthly mortgage payments on your property and are ready to sell,Short Sales-Real Estates’ Escape from Foreclosure, Default, and Poor Credit Scores  Articles consider hiring a short sales specialist realtor if you need help with your real estate transaction. With a short sale, you are selling your property at a price that is lower than what is owed on the mortgage loan. This will help you avoid foreclosure, going further into debt, poor credit scores, and additional bank fees for late payment on your loan.



Even if you are not having problems paying your mortgage payments but want a professional to help you sell your property that best meets your needs, call and set up a consultation to see what options are best suited for your needs. Call an expert realtor today who is knowledgeable of your area and will provide you with the guidance you need.

Due to our country’s current economic situation that includes rapid unemployment and significant price drops on the homes of our nation communities, short sales are on the rise. Since a short sale typically costs less than a foreclosure, it can be a needed solution to some homeowners in order to minimize their losses. In addition, a short sale may not hurt a homeowner’s credit history as much as a foreclosure and the homeowner may soon be eligible to qualify for another mortgage once their financial situation gets better.


When you are looking for the right short sales agent to help with the sale of your home, you should be aware that not all realtors are alike in this area. This basically means that a short sale can be challenging for some realtors because many realtors are new to the process that involves a short sale. In addition to being new to the process, realtors sometimes have staffs that are inexperienced in processing short sales. When this is the case, many have found that lenders are unresponsive, sometimes documents get loss and require several submissions, unrealistic or inaccurate home value assessments are made, there are long processing delay, and buyers end up walking away from the entire process. Hire a realtor that has sufficient experience closing many types of short sale transactions.

You may be a good candidate for a short sale on your home if you: Are facing issues that may need you to sell your home, need to relocate soon, facing foreclosure, behind on your mortgage payments , facing default, or depleted your saving due to mortgage payments. You may also need a short sale on your home if you have been through a divorce and now live on one income, have increased living expenses, lost a job or income, or need to get major repairs done but don’t have the money to do it with.

It is very important that your realtor is experienced in short sales and will help get you home sold by developing a market strategy that will attract buyers to your home. You are also going to want your short sale specialist to explain the entire process to you in detail to allow you to make an informed decision as to whether a short sale is right for you. Call today and set up a consultation so a professional real estate agent can answer any question you may have.