Exploring the Short Sale from Start to Finish. What sellers and buyers need to know:
Considering a short sale and not sure where to start? You should speak to a non profit home counselor or a trusted real estate professional that has earned the National Association of REALTORS SFR Certification.
Look out for the following:
- Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay - walk away!
- Beware of anyone who says they can "save" your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
- Never submit your mortgage payments to anyone other than your mortgage company without their approval
You would only want to consider a short sale if you know for certain you cannot afford your home and you see that foreclosure could happen if you don't do something. It's much better to have a short sale on your credit than a full blown foreclosure.
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