Current Short Sale Questions
Common short sale questions from homeowners and a useful tip on how to get a short sale offer today.
Q: What are the advantages of a short sale vs. letting my home go to foreclosure?
The primary advantage to doing a short sale vs. a foreclosure is that in a short sale the debt is settled and you no longer owe the bank any money. If your home goes to foreclosure, you may still be liable to the lender.
Another important advantage with a short sale is your credit takes much less of a hit compared to a foreclosure. The impact on your credit will vary depending on how established your credit is at the time of the short sale or foreclosure.
Finally…what about homeownership again? If that is important to you then a short sale has another big advantage over a foreclosure.
Fannie Mae & Freddie Mac revised their guidelines with regard to how they view borrowers who had a foreclosure, short sale, or bankruptcy. These guidelines severely penalizing homeowners who had a foreclosure or bankruptcy.
These Fannie Mae / Freddie Mac guidelines stipulate that borrowers who file bankruptcy or go through foreclosure have to wait up to 7 years to buy another home.
By contrast, it’s only a 24 month waiting period after a short sale.
The difference is huge. A difference of 5 years of homeownership again.
Who qualifies for a short sale?
Here are the 4 basic requirements:
- Legitimate financial hardship
- Behind on mortgage payments or facing imminent default
- No equity – Owe more than property is worth
- No liquid assets such as investment accounts
How long does it take to do a short sale?
The time to close a short sale varies with every property. One thing that can speed up the short sale process is an immediate offer on your property. More and more homeowners are working with real estate investors. .
How can I get an immediate offer on my short sale?
Many buyers avoid short sales. This often leads to a long listing period and more credit damage for the seller. It often makes sense to work with an offer from a real estate investor on your short sale.
Use the internet and search for a real estate investor who will make an immediate offer. In this case you may not have to list the property for months. This may damage your credit score even more.
Using a search engine such as Bing, Yahoo, or Google can help. Search terms like “short sale help” and “short sale” with your city and/or state.
A good search is to use your city like Lancaster Short Sale and you’ll find a Lancaster, PA based investor such as LancasterPAForeclosedHomes.com. Or Chino Valley Short Sale for a short sale buyer in Arizona such as SandP-Properties.com. Maybe North Jersey Short Sale help for Emecoshortsalesolutions.com.
Working with an investor is an excellent move to get an immediate offer. In areas with high foreclosure rates and a shortage of buyers, an investor offer is often the best move for a homeowner to avoid foreclosure.
Another good idea is to contact a real estate website service such as NOPsites.com. They work with thousands of real estate investors who may be interested in purchasing your property.
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