A homeowner is forced to foreclose on their home when they cannot afford to pay their mortgage anymore. The homeowner may have the option to Short Sale and should investigate to see if they qualify. Roberta recommends that any homeowner facing foreclosure meet with a qualified Real Estate agent to find out their options.
What are the main benefits involved with a Short Sale?
1. The homeowner is in control, not the bank
2. You will spare yourself the social stigma of the “F” word, Foreclosure
3. Minimum credit damage
4. Depending on the situation, the homeowner can buy another home as soon as two years after a short sale
“Educating the client of benefits and downfalls of a short sale is very important.” The homeowner will need to prepare for a lot of paperwork and gather their home loan documents accordingly. “As an agent it is my job to help the seller through each step.”
“A short sale doesn't have to be a bad thing.” According to Roberta, “Depending on the homeowners situation, the seller may be able to qualify to buy a home again as little as two years after a short sale.” Foreclosure is a minimum of 3 to 7 years, therefore, facing a short sale could potentially save the homeowner a lot of waiting time. Most all my sellers are happy they short sold versus foreclosure due to the benefits involved.”
When it comes to deciding whether or not to short sale, choosing the right Real Estate agent and getting educated on the process can make a huge difference in the ability to buy a home again in the future. A knowledgeable agent will be able to help take care of details and present as many options possible. By choosing to short sale over a foreclosure, homeowners will have the ability to repair their credit and purchase a home again much sooner.
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