When to Choose a Short Sale
- You may want to consider a short sale when the property is in the pre-foreclosure state. There are two stages within pre-foreclosure. The first stage being those individuals who are behind on payments and the second stage are those who are behind on payments with a notice of default. Once the notice of default has been recorded, banks become motivated as well, so you are more likely to get a discount. It does not matter what type of house or condition it's in, all mortgages can be discounted.
- When the value of your home is less than the amount of your outstanding loans, it is wise to consider a short sale in order to get the most out of selling your home.
- If your credit report does not reflect a 60-day+ late pay, choosing short sale may be an option, especially if you would like to purchase another home within a smaller time frame
How to Know if You Qualify For a Short Sale
- The main qualification for choosing a short sale is if you know that you are in some kind of financial hardship. This can include, but is not limited to: loss of employment or income, divorce or separation, relocation or job transfer, major illness and medical expenses, high dollar repairs without the reasources to make them, increased bills or higher living expenses.
I am here to help. I am Short Sale and Foreclosure certified. If you decide that a short sale is the best choice for you, I can sit with you and we can work through the process together. Please contact me at your earliest convenience. I am here to assist you.