What is a Short Sale Tampa, Florida?

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Real Estate Agent with Bay Realty of Tampa BK3280216

What is a Short Sale Tampa, Florida?

 

Small HomeIn today's economy, so many people are faced with the biggest financial hardship they have ever encountered.  Because of this many questions arise including, "How does a short sale work?".  The simple answer is that someone can sell their home for less than what they owe by negotiating with their lender.  THAT is a short sale.

 

The challenge arises in finding the right person with whom to speak at the bank.  Even then, if you do not know exactly what you are doing, it is difficult at best because of the sheer volume of calls that representative gets on a daily basis.

 

Most people are terrified of the thought of losing their home.  What they do not What is a Short Sale?realize is that, if they cannot make their mortgage payments, they ARE going to lose their home.  They can either chose to short sell their home or lose it by foreclosure.  The later carries with it long-term affects like a hard knock to the credit score and, therefore, difficulties buying anything on credit for 5-7 years.

 

What is a Short Sale?

Most often, a short sale will have far less impact on one's credit score and it will stay on the credit report for far less time.  In fact, only one of the credit bureaus lists it as a short sale at all.  In addition, most homeowners do not understand that short selling their home does not create the personal stigma it once did.  Short selling or losing one's home has almost become commonplace.  We all know someone that has short sold their home or lost it to foreclosure.  Believe me, short selling your home will make you much happier than letting your home go through foreclosure.

 

So really, when you finally come to the conclusion that a short sale is the right path for you, the next step is finding a reliable, experienced real estate firm that can help you through it.  In addition, it is very important to work with a company that has no upfront fees and very little if any costs to you at all.  Subscribe to my blog and learn more about our changing market.Now, when someone asks you, "What is a short sale?", you will be able to help them.

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