The Short Sale process can be intimidating on both sides.
For Sellers, the short-sale process is decided on usually as a last resort before foreclosure.
The common explanation for "short sale" is when a home owner cannot continue to make their mortgage payments to the bank. This "hardship" can be due to a job loss, a recent move, divorce, or simply a severe decline in the value of the home, among other issues. There are as many reasons for short selling a home as there are individuals. Because each situation is different, it is always wise to consult with an attorney and a Real Estate Professional before making any decisions. In the end, when all odds are in favor of the seller; the bank will sometimes predetermine the value of the home and accept the offer from a buyer. The seller is able to walk away from the home without the stigma of foreclosure attached, and sometimes able to qualify for cash assistance.
For buyers, the short sale process can initially be exciting; as many of these homes are being sold at values equaling that of a foreclosure. However, many times the process is tedious and frustrating. Unlike a traditional sale (where a buyer is pre-approved or pays cash), short-sales have to undergo scrutiny by the bank holding the loan. This process takes time, and many buyers move on to other opportunities. Some short sales do wind up in foreclosure, but at Nextage Realty Professionals we work with you and the bank all the way.
It is important that you contact a Nextage Realty Professional to assist you with advice on what to do if you are facing a possible foreclosure. Be sure to know what your options are.
- Continue to make your payments to the bank
- Try to avoid unnecessary consolidations and credit card cancelations
- Don't max out your credit cards while in the process of negotiating
- Be sure to call a REALTOR for professional advice
Don't let yourself become a statistic while letting the bank have your home. Call Nextage Realty Professionals today and find out what you can do to avoid foreclosure and sell your home!
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