Short Sale Advantages

Finding a real estate company that will help you with your short sale is a very important factor as negotiating with the lending company may be more than you are prepared to do. A quality company that will help you with a short sale can give you all kinds of reasons to use their service. Some of the best reasons you should consider using experts include: • you owe more money on your home than what it is worthrn• your payments have increased due to an adjustable rate mortgagern• you are moving to a new area and cannot sell your homern• foreclosures in your area have ruined property valuesrn• you wish to avoid a default judgment on your creditrn• you wish to avoid a foreclosure on your credit If you happen to fall into one of the categories above you may wonder if there are benefits to the seller. The answer is yes, there are benefits to use experts when you wish to sell your property with a short sale. These benefits include if you find quality experts: • Eliminates mortgage debtrn• Eliminates ongoing paymentsrn• The seller can stay in the home during the process and not make paymentsrn• Closing costs are paid by the lenderrn• Real estate commission are paid by the lenderrn• Foreclosure is avoidedrn• No effect on your creditrn• Avoid filing bankruptcy A lending company working with experts will allow a short sale due to the fact that the lending company does not want to own the property, the foreclosure process is expensive, and in some cases, it is in the best interest of the lending company. If you look at the overall advantages and disadvantage of short sales and foreclosures, you will be able to make a better decision for your situation. Short Sales Advantages • Avoid foreclosurern• Avoid mortgage paymentsrn• you can purchase a new home in 2 years, under Fannie Mae guidelinesrn• In some cases, you can purchase a home immediately under Fannie Mae guidelines Short Sales Disadvantages • Waiting for a denial or acceptance from the lending company • Show proof to the lending company of your financial problems with personal records including assets, liabilities, bank accounts, and tax returns. • Keep your home ready for potential buyers until an offer is received Pros for Foreclosure • Avoid mortgage paymentsrn• The home is still yours until the foreclosure is complete. • No worries about potential buyers Cons to Foreclosure • A Notice of Public Sale can be posted on your doorrn• A foreclosure will remain on your credit report for 10 years. • Under Fannie Mae guidelines, you will not be able to purchase a home for 5 years.