Understanding Short Sales
Get Your No-Obligation, Risk-Free OfferYouu2019ve probably been hearing a lot about short sales in the past few months- chances are you know someone whou2019s been through the process. And if youu2019ve been hit as hard by the current recession as many have been and have a home youu2019re having trouble affording, you may be considering a short sale as a viable option.
Whatu2019s a Short Sale?
Letu2019s assume you understand the basics of the concept, and are familiar with the broad strokes: basically, a short sale is what occurs when a lender agrees to accept less than the amount owed against a home because there is no longer enough equity to sell and pay all costs of sale.u00a0 Put simply, if your payments are in arrears and itu2019s looking more and more like the lender wonu2019t be able to recoup the full cost of the home, a short sale may be their best way of their getting something rather than nothing.
It Isnu2019t Perfect, Butu2026
Thereu2019s no question that a short sale is far from an ideal outcome for anyone who owns a home.u00a0 If you find yourself in dire straits with either foreclosure or a short sale looming as your only two options, which do you choose?u00a0 Consider which does more damage to your credit?u00a0 Opinions on this topic vary, but the bottom line is, they both do a lot of harm.u00a0 Foreclosure typically knocks between 200 and 300 points off your score, while short sales have been known to trim your credit rating by anywhere from 100 to 300 points.u00a0 Bottom line: your credit will suffer either way, although you have a slightly better chance of losing less money and credit rating if you work with a real estate agent and negotiate a short sale.
Itu2019s a Way to Protect Your Credit Rating.
We understand how hard it is for anyone to be facing these possibilities; if youu2019d like to know more about this process or have any other real estate questions answered, please donu2019t hesitate to reach out to us. Express Realty Services has a fully-staffed short sale department; we can help you work through every facet of your short-sale negotiation.
Crucial Questions
Make sure you're dealing with a reputable company that keeps their word, so you don't end up in a lose-lose situation.
If somone cannot answer yes to all of these questions, how can you trust them to do what they say?
Work with Express Homebuyers and you'll have both Peace of Mind and Cash In Your Pockets.
- Do they have proof of $$ in the bank that shows they are making an honest offer?
- Do they have an A+ rating by the Better Business Bureau?
- Do they have video testimonials from actual customers that they can show you?
- Will they provide up to a $10,000 cash advance to help with expenses when moving?
- Do they have a physical office and staff to help you through the entire process, or are they just working out of their car?