Are you reading this because you are considering a short sale for your home? Most likely the answer is yes, so here are some questions and answers to get you started!
What is a Short Sale?
A short sale takes place when the bank lets the homeowner sell their home for less than what is owed.
This is an option for a lot of people who are behind on their mortgage payments or have a home that is underwater (meaning, the house is worth less than the outstanding balance on the mortgage), or both.
If done properly, this can be a huge help to the homeowner since it lets them avoid the process of foreclosure. If you are reading this because you are considering a short sale yourself, you probably want to know how to get it done.
Would You Quality for a Short Sale?
Although it is hot buzz phrase, you need to understand that not everyone is eligible for a short sale.
You won’t qualify for a short sale if you have plenty of equity in your home. That is because short sales are usually designed for people whose level of debt is higher than their home’s market value. That means they have no equity at all.
Aside from that, you also need to prove that you are in a financial hardship. A financial hardship refers to a verifiable issue that has cause or will cause you to miss payments on your loan. Examples of financial hardships include loss of job, relocation, divorce, illness of borrower or co-maker, and loss of income.
The very first step is to hire a real estate agent in Charlotte NC you can trust.
Finding a short sale agent doesn't have to be complicated. Just keep in mind that you need an expert, one who understands all the intricacies of a short sale, and one that realizes the urgency of the task at hand. If you choose an agent who has no experience dealing with loss mitigation and short sale negotiators, you might end up with more problem.
Once we get your short sale over with, you will be able to move on with your life and start anew.
Short Sale or Foreclosure?
What is the difference between a short sale and a foreclosure? Let’s examine the pros and cons of each.
Please remember that individual circumstances do vary, and it would be best to consult with an expert before making any decisions. If you want someone to talk to about this matter, feel free to call me up anytime!
A short sale puts you in control. You still get to choose who buys your home. You get to end things right and win back some dignity and respect for yourself and your family. From a credit standpoint, you are softening the blow to your credit score with a short sale.
A foreclosure, on the other hand, might be easier for some people. Foreclosure is done to you; you don’t do it to the bank. It is an immediate solution, letting you walk away from it all without having to worry about repairs or selling.
More often than not, a short sale in Charlotte NC is better than a foreclosure because of the way it reflects on your credit score. It’s definitely easier to buy a new home when you successfully complete a short sale.
Some lenders might automatically disqualify you from taking a future loan if they discover you have had a foreclosure in the past. This is why you should act fast and call me before this happens!
Does a Short Sale Have to be Difficult?
The truth is, that’s up to you.
Like I said earlier, the very first step in this process is choosing the right real estate agent.
Pick an agent that knows their stuff. Read up, do some research, especially feedback from previous clients. Choose an agent that has years of experience backed up by successful sales and a good track record.
We at Showcase Realty are experts when it comes to short sales. Please feel free to get in touch with me, Nancy Braun, the owner and broker-in-charge of this company.
We have sold thousands of homes here in the Carolinas, innovating the real estate industry with creativity, technology, and passion for the job. To learn more about us, visit our website https://showcaserealty.net/about-us/ today!
You can reach me, Nancy Braun, at 704-997-3794. Give me a call, tell me about your real estate needs, and we’ll begin right away!
In case you can not view this video here, please click the link below to view Short Sales in Charlotte NC on my YouTube channel: https://www.youtube.com/watch?v=p-v2ltK1BoU&feature=youtu.be.