What is a short sale and how does it benefit you here in Palm Beach County?
Short sale is a concept which usually gets people wondering how exactly it works. To solve this issue, we are here to tell you in detail what it really is and how it can help you during foreclosure and mortgage tensions.
What is a Short Sale and how does it benefit you?
Mitigating foreclosure on a mortgage is a smart tactic and short sale is simply the best way to do it (here’s a great definition of what a foreclosure is in case you’re not sure). This has turned out to be a bit difficult to achieve in today’s market but if you do get it, it will help you out massively in issues concerning both loan problems and mortgage issues.
It used to be the most advantageous option a few years back in [market city]. But since its apparent loss of popularity, many people are a lot less inclined to let the sale go to short sale. But many still do it, making it a pretty viable option if you’re interested.
Here are a few reasons you may want to consider short sale on your Palm Beach County home
You Avoid Foreclosure and the Harmful Effects of It
The most immediate and noticeable benefit of short sale is the relief you get off your foreclosure. Since you’re now avoiding foreclosure, your mortgage will also be lessened to relieve you of any debts you need to pay.
Moreover, foreclosure leads to several other problems which you automatically avoid. Since a foreclosure usually stays on record for up to 8 years. You are not allowed to receive a loan during that time.
Even when renting, foreclosure gives your image a very bad mark and it becomes difficult to find a renter who accepts you with foreclosure. This is because getting a mortgage becomes difficult and it takes years to being able to qualify for a new one.
Since your bank loan routes are now hurdled, it’s more difficult now to buy a car or a property because of foreclosure issues.
A short sale relieves the debt that is left over from what is owed on the mortgage. This will let you put it all in the past and start over. Your credit score settles and the home owner can now stabilize his financial assets. Your credit report will only show a pre-foreclosure status, which reduces your credit rating minimally compared to a foreclosure.
Buying a New House
As I told you before, foreclosure can last up to 8 years which is a LOT of time.
Short Sales, however, make it far easier for you. Now you can get it all wrapped up in no more than 2 years depending on the bank you put forward your request to. Your mortgage lender will also now approve your loan sooner, because you no longer have the foreclosure status and you will be able to move into the house much quicker.
Again, this all depends on the actual bank / lender you’re working with… So if you end up in a similar hectic situation, you should try and switch the bank or loan lender you are working with.
Usually No Fees Involved
Another clear advantage is the fact that you now rid yourself of fees for the bank process. All the banks usually want the process to be over with as soon as possible. Moreover, if you can somehow prove that your property is “underwater” (you owe more than your house’s actual worth) and that you may just walk away from the house if need be, than the bank actually prefers going with the short sale option rather than foreclosure.
To entertain a foreclosure with the bank you usually ask for the help of a real estate agent. Some of them might charge extra fees for the process which you don’t really need to pay. Make sure to look for the perfect real estate company and work with the proper agent.
Our company, Home Solutions FLA may be able to guide you in the right direction on how exactly you can get your bank to approve of a short sale in the least amount of time … so connect with us by calling (561) 370-8335 or shoot an email to us through our contact page here.
Getting a Short Sale – What You May Need To Provide
Proof will be required by the bank that you truly cannot pay your mortgages yourself. For most people, without any idea of finance laws and certain experience in this field, this can get pretty difficult. It is usually a good idea to hire a professional finance attorney for this matter.
If you don’t have a contact or are not sure if short sale is right for you, then don’t hesitate to ask us for help.
Our service is free and we will provide you with every single option you might have to move further with solving this issue.
And we can even give you guidance and tips at absolutely no cost.
Many times, we may even be able to buy the house for you or handle your situation ourselves through our expert administration. This will help you solve the problems way faster than you could ever think of.
We buy Palm Beach County houses and we work with home sellers like yourself who are having troubles getting out of your house the traditional way… or who can’t (or don’t want to) go the usual route of listing with an agent.
Get a hold of us anytime to discuss your situation. We’re here for you!
Or, if you want to see what we can offer on your house… click the link below and fill out the form on the next page. We’ll make a no-obligation cash offer to you within 24 hours. At least that way you know whether that is an option for you or not.