Advantages of a Short Sale in Anniston, AL
As the recent problems with the US Economy continue, we are hearing these words more and more more often.. "Short Sale" ... What is it? Well, to put it simply, a Short Sale is a bank accepting less than it is owed as full payment for a home. (If you ever tried to trade in a car with high miles, you may have been "upside down" meaning you owe more money than the dealer is going to give you.. Well, short sales are the same thing, except instead of your car, you're "upside down" on your home).
A short sale will have a seriously negative effect on your credit report... almost as much of an effect as a foreclosre would. Because of this, a lot of people feel there is no real advantage to a short sale because either way, you are leaving the closing with no money, and you are taking a major hit on your credit report
This is one way to look at it, but not the right way... There are several advantages of a short sale.
One advantage of a short sale is that if it's negotiated properly, you can get the bank to forgive the remainder that you may owe on the house. This is not the case if your home is foreclosed on. After your foreclosure, the bank will sell the house for whatever it can and then send you a bill for the difference!
Another advantage of a short sale is that with the bank's permission, you can sell the home for a much more attractive price, making the sale faster, which will allow you to breathe easier a lot faster. Whether the house sells for top market value or lower market value, you are going to receive no money at the end of the short sale. Because you are leaving with no money, it should be easier for you to price the house at a more competitive rate than you would if you were trying to profit from the sale. The lower you price the house, the faster you should be able to sell it.
One final advantage consider when trying to decide if the advantages of a short sale are worthwhile for you... There are programs that will pay you up to $3000 to help you get back "on your feet". To find out more about these programs, please call me at 256-241-1500, email me at gregde@kw.com or click on the "Call Me Now" link below.
FIND OUT MORE ABOUT SHORT SALES IN ANNISTON, AL HERE
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