When the Going Gets Tough, the Tough Consider Short Sale

Real Estate Agent with The Palm Beach Group

As a homeowner, your worst fear will usually involve losing your home to foreclosure. This is certainly something to think about considering the state the housing industry is currently in. Of course, there is such a thing as thinking ahead and it would be wise for you to look at your options — the best of which is a short sale.

A real estate transaction which involves selling the property at an amount equivalent to the mortgage owed, a short sale has become more popular in the last couple of months. Lenders, who previously looked at short sales as an easy way out for borrowers, are now looking at it as THEIR way out of a ballooning inventory of non-performing assets. With each passing day, more and more short sale approvals are being handed out and you could certainly be the next one to enjoy its benefits.

There are several benefits to a short sale including and perhaps the most important, is being able to prevent a foreclosure entry on your record .If the lender agrees to waive their right to file a deficiency judgment, you do not have to pay the difference between the sale price and mortgage balance. Yes, it is possible you may have to pay taxes on the difference but, after years of trying to solve your mortgage dilemma, you will finally be debt-free!

Obviously the road to a mortgage debt-free existence is not paved with gold and you will have to make sure you have done everything to obtain your lender’s approval. On your own, you would probably have a slim chance, but with a professional short sale Realtor to educate,  guide and even hold your hand; your chances will be greatly improved.

Go out and interview short sale Realtors and find one which has the knowledge, skills and experience to see you through this tough time in your life. Remember, you are not only looking for someone to help you with the paperwork but someone who will help you win this battle you waged against foreclosure!

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