Possible Benefits of Doing a Short Sale
If you own a house and are finding that you are not able to afford the payments, you have a few choices. You can try to renegotiate your loan, you can short sell it, or you can allow the bank to foreclose on it.
Our team has been very successful in helping home sellers facing foreclosure sell their home with a short sale instead!
There are some significant benefits for a short sale in Kalamazoo. Here are a few:
1. You will keep a full blown foreclosure off your credit history. Typically a Short Sale
will impact your credit less than a foreclosure. Before and after studies have shown that a foreclosure will lower your creditscore more than a Short Sale will lower your credit score.
You don’t have to say “Yes” when asked on future loan applications whether “you have had a house go to foreclosure”
2. You will be eligible, under Fannie Mae guidelines, to buy another home in 2 years instead of 5 years for a foreclosure. FHA and VA have no published wait guidelines, and if you get your credit score back up with a one year good pay history, you can qualify for a new loan.
3. We negotiate with the lender for FULL SATISFACTION of all debts. If the house goes all the way to foreclosure, costs continue to add up until the lender gets the house resold. The deficiency will be much higher than if they do a Short Sale, and the lender could pursue a deficiency judgment against you for the next 10 years.
4. Working out a Short Sale may allow you to avoid filing bankruptcy.
5. Retain some dignity in knowing that you sold your home.
6. You won’t suffer the social stigma of the “F” word:Foreclosure.
7. Although you won’t receive any funds at closing, it won’t cost you anything either. All costs of the sale come out of the lender’s proceeds.
8. Typically homes sold in a Short Sale are sold “As-Is”, so you won’t need to spend any money fixing anything.
9. The Veenstra Team does not charge you ANYTHING to facilitate your short sale.