Benefits of a Short Sale Vs. a Foreclosure Dateline Stockton, CA
What is a Short Sale?
When a home owner find themselves in the position of owing more on the mortgage than the home's market value. What are the options for a homeowner underwater in their mortgage? The options are a mortgage modification, deed in lieu of foreclosure, short sale or foreclosure. If you have been working with a bank to get a modification of you mortgage you probably have experienced a great deal of frustration. The banks have a very poor rate of modifying mortgages. A short sale is often the only remedy that homeowners have. Many home owner's in Stockton are experiencing mounting stress, unemployment, Adjustable Rate (ARM) mortgages resetting and are in danger of losing their home and damaging their credit. More and more sellers are choosing short sales or strategic defaults.
Why do a Short Sale?
In the event of a short sale the lender or investor can release you free and clear and fully forgive any deficiency. Under the new government HAFFA program you can qualify for $3,000 in relocation expenses. Short Sales are starting to happen in greater numbers than foreclosure homes and MLS listings and will probably be the dominate real estate for sale for some time to come
Benefits of a Short Sale
· Avoid Foreclosure
· Fresh start, less impact on your credit
· Negative equity relief
· You pay nothing the lender pays fees and commissions
Don't make the mistake of choosing an in experienced Realtor. Short Sales are complex and require a great deal of attention to detail and the ability to negotiate with the lender, the seller and home buyer's. It takes a Realtor with persistence to achieve the desired result. Marketing to home buyer's is extremely important and takes a Realtor with a web presence, a proven marketing plan and a distressed property expert and short sale certified who sells both bank owned homes with a strong team behind them.
Are you a home owner facing foreclosure?
We may be able to help you. We manage your home or real estate for sale from the initial consultation to the close of escrow. We pride ourselves on successful sales and repeat business. We are Short Sale Certified and have the expertise to help you find the best solution. Call Hugh Lilly at 209-479-9222 for a no obligation consultation or register a www.hughlilly.com. E-mail us at thelillyteam@comcast.net.