West Group Real Estate has the pleasure of working with many clients to help them avoid foreclosure by selling their homes. Banks are cooperating in the process and most are waiving their rights to a Deficiency Judgment against the borrower. We have learned the short sale process and have been successful in helping our clients sell their homes and exiting gracefully.
Why do Lenders prefer a short sale over a foreclosure?
$$$!! It comes down to money!
· A short sale costs the lender about 20-30% less than if they had to foreclose.
· Maintaining a foreclosed property paying is expensive for the lender.
· The legal fees can be costly for the lender.
Why do Sellers prefer a short sale over a foreclosure?
· A short sale will affect your credit score less than a foreclosure.
o Even if you do not want to buy a home this can save you money.
o For future purchases, loan applications do not ask questions about a short sale.
· After a successful short sale, you may be eligible for a new mortgage within 2 years.
· You are in control of the sale, not the bank.
· A job application may be denied if the prospective employer runs a credit check and you have a foreclosure on your record.
· If you've had a foreclosure notice filed, you may be able to postpone that action while the bank considers your short sale.
· $$ Relocation Assistance – as much as $3,000.00
One very important thing to remember - time is limited! When navigating a short sale, it is important to take quick action and cooperate timely with your agent. It is important to get any requested documentation to the lender in a timely matter to allow the process to be completed. Short Sales can be an option even after you have been noticed for foreclosure.
Call or email Harley Wilcox mb (208)709-4555 or firstname.lastname@example.org and let me give you some realistic guidelines as they pertain to your own unique circumstances.