Over 25 Years Of Real Estate Experience You Can Trust!
Should I Short Sale my Home?
Short Sales are on the rise and can be a solution to homeowners who are unable to make their payments. Understanding all of your options is the best way to make a decision on weather a short sale is right for you.
We have trained short sales specialist who are experienced in working with lenders, banks and mortgage servicers.
What is a Short Sale?
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.
What are some advantages of a short sale?
• Avoid foreclosure on your credit
• Avoid potential bankruptcy
• Avoid being evicted from your home
• Less potential tax liabilities
• Easier to clean up your credit and reduce the time it takes to re-qualify for future homeownership
• Get out from underneath a depreciating asset
• Can potentially avoid liability for their mortgage debt and negotiating on your own terms if the delinquency judgment applies.
• Typically no out of pocket expenses unless requested by the bank
• Homeowner education to know your options to avoid this situation in the future
Call or email us today
Don’t wait until it is too late
David Aston – ERA Millennium Realty
512-295-7653 or DavidAston@email.com
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