Short Sale Assistance.

Times are tough.  Almost every where we look we see homes for sale, and more than not, they are distressed sales.  A distressed sale is when a home owner (or even developer) can’t afford to maintain it financially.  Yes, the subprime market took its hit and crashed, leaving many homeowners with a harsh payment. 

However, we as professionals can assist homeowners.  Losing a home to a bank isn’t a pretty thing.  However, people are some what afraid of lenders.  Don’t be.  They are in the business of lending money.  The banks aren’t really interested in “getting” your house. They have no emotional value to it… but they do want the money that was lent out to come back in.  Again, a bank’s business is to lend money and now they too have found themselves seeking ways to regain their money, even if it’s just part of it.  Something is always better than nothing!

That is what a short sale is.  The owner can’t afford to keep their monthly payments.  The homeowner is in Financial Distress, yet they still have the property.  If the homeowner has entered a pre-foreclosure status, they are probably better off trying to atleast sell it to another person before actually letting it go to court and lose it as a Foreclosure.  Once the property has reached foreclosure, it is completely out of the hands of the owner, and now the bank is stuck with a property they need to liquidate.

As you know, credit in this country is crucial.  A short sale doesn’t harm your credit as bad as a foreclosure.  If you are able to find a buyer and the bank agrees to a “short sale” price, your credit will show that you paid off your loan to the lender “as agreed” and will probably show only late payments in your credit.

If you lose your home through a court and it is declared foreclosure, that is the word that will appear in your credit for 7 years. 

As mentioned earlier, times are tough and this is nationwide!  Talk to your lender. See if there is something that you can arrange.  If not, put it up for sale.  You don’t really have anything to lose.  However, you could find someone to purchase your home, make a deal with the bank, and walk away with out being hit so hard. 

If you are interested in assistance or would like more information please contact me at angie@fir.com

Angie Romero

Realtor

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