A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than their home is worth.
With so many home owners under water these days, short sales are becoming more common than the foreclosure. Let me tell you, if you can pull off a short sale vice going into full foreclosure you will be much better off in the long run. The short sale may allow you to walk away with your credit report still in tact, while a foreclosure will cause the credit report to bite the dust every time. For more information and other articles on the short sale process, please visit the following page shown at the bottom of this page.
In general, a short sale is defined as the sale of your home for less than the actual value of the home. Of course the lender must be in on this from the start and he must approve the final deal. So why would a lender be willing to allow you to sell the home for less than what is owed. Very simply the lender does a full evaluation of the situation and if he decides that the losses he incurrs will be less than going into the full blown foreclosure process, of course the lender will jump on the lesser of the two evils. In many case we have specialized agents here at Resh Realty Group that may be able to close your short sale and convince the lender not to come after you for the balance. Due to this alone, it is imperative that you never get involved in a short sale without the adivce and guidance of one of the best short sale closers in the area. That is Resh Realty Group.
Some of the following reaons are the most common in regard to causing a short sale..
Financial Hardship: with the job market the way it is, this is probably the most common.
Income Shortfalls: When your money just does not last thru the month.. you will definitely be affected by this shortfall, especially if it happens month after month.
Insolvency: Of course if the lender sees that you are well off in regard to assets, he may go after those assets if you process a short sale. However if the lender sees you are basically insolvent he realizes he cannot get blood out of a turnip so your chances of walking away without a huge debt hanging over your head is greatly improved.
This process does seem simple enough, but do not kid yourself, you will need the help of an experienced professional and here at Resh Realty Group, we offer full short sale services and the cost to you is Zero in most cases. So don't hesitate to call us with all your real estate needs.
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