Short Sales in Augusta GA have become more and more popular over the last year. Although Augusta Real Estate Market is doing quite well, we do have Foreclosed Homes and Short Sales Homes for sale in Augusta.
Deciding on offering your home as a short sale and keep from going into a foreclosure is a very wise choice for the Augusta home owner.
Homeowners may struggle to make their mortgage payments for many reasons;
They may have had recent unemployment or a decrease in income. Often times a family is financially hurt by illness or a divorce. It also could be that your ARM has come due.
It may be a Strategic Short Sale. This is when we cannot sell your home for the amount owed on it due to the length of time you have owned it or the fact that there have been Foreclosures in your neighborhood.
What IS a SHORT SALE?
A Short Sale is where the mortgage lender will agree to accept a payoff on the loan for less than the balance. Most lenders will agree to a short sale because they receive more money owed on the loan than what they would get if the had to go through the Foreclosure process. This also allows the homeowner to stay in the home an maintain the condition and value of the home as well as the neighborhood.
What can a Short Sale do for you VS a Foreclosure?
Avoid foreclosure
Keep Credit from the Damage of a Foreclosure on your credit
No deficiency judgment
Be able to purchase another home in shorter amount of time
How a Short Sale affects your Credit VS a Foreclosure
Short Sale ….You can rebuild and Buy a Home again in 3 Years
Foreclosure…You can rebuild and buy a Home again in 7 Years
There is also another alternative to a Short Sale or a Foreclosure. It is called a DEED-IN-LIEU. Most Lenders do want the owner to try a Short Sale before they agree to the Deed-In-Lieu. Of course this is up to the Lender and contingent upon the owner’s ability to provide a marketable title, free from any liens and encumbrances. If there is a 2nd Mortgage on the property this might not be the best alternative for you.
For answers to all the many questions that you may have if you are thinking about putting your Augusta Home up for sale in the Short Sale market please call so we can sit down and talk about the options and answer your questions?
Remember there is Help if you are facing Foreclosure in Augusta.
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