Short Sales VS Foreclosure Homes in Stockton
Short sale is a dirty word to many sellers and it doesn’t have to be, if handled in a detailed and systematic way. The success of a short sale has a lot to do with your short sale team: Realtor, financial advisor and the way it is packaged. Many sellers and homebuyers presume that short sales are for homeowners who have not handled their finances in a responsible manner. That is not always the case, with the downturn in the economy many homeowners find themselves with decreased incomes, unemployed and other situations brought on by the financial crises.
Conscientious borrowers are finding themselves having to sell their homes since they can’t continue with their monthly mortgage payments or because they have little or no equity in their homes because of the slump in the economy and cannot refinance.
Short sales at best will facilitate avoiding a foreclosure. Another benefit of a short sale is avoiding a substantial decrease in your credit or fico score which would have happened with a foreclosure that would have remained on a credit report for 10 years.
One of the chief problems with foreclosure is the time it will take before homeowners are eligible for a mortgage to purchase a new home. Normally it takes between five years to seven years before homeowners who go through foreclosure are eligible to purchase a new home. In actuality a short sale can be a huge advantage to the homeowner in distress.
The benefits of a successful short sale are not just reserved for the mortgagee but also for the lender and potential homebuyers. Lenders are motivated to cooperate with short sales. The loss on a short sale is much greater than a loss on a short sale by a substantial amount for lenders. Banks are not in the business of real estate, they are in the business of lending and non-performing assets are a real burden. Having homes that are not earning interest is merely creating losses for the lenders. When bank decides to cooperate with a short sale, they also avoid a costly foreclosure process that entails losses resulting from vandalism, legal fees mounting property taxes and maintenance of their REO.
Foreclosures take a long time and as the United States economy fluctuates, a foreclosure can continue to lose value, resulting in mounting losses for the lender. The cost of maintaining a foreclosure when the bank owns it can be substantial. By cooperating with a short sale, the lender can cut their losses.
The Lilly Team at PMZ has been helping distressed home homeowner with successful short sales and navigating the process of short sales Call Hugh at 209-479-9222 for a frees consultation, we do not charge a fee. E-mail us at thelillyteam@comcast.net or visit our web-site www.hughlilly.com .
Stockton Neighborhoods: Brookside, Lincoln Village, Morada, Morada Ranch, Beck Ranch Spanos Park, West Spanos Park, Weston Ranch, Port of Stockton, UOP.
Stockton and Lodi Zip codes: 95208, 05204, 95205, 95206, 95207, 92209, 95210, 95212, 95215, 95219, 95242. 95240
Real Estate Multiple Listings: Bank owned homes, Stockton and Lodi Foreclosures and REO’s, Homes in Stockton, Homes in Lodi, Stockton California Listings, Stockton MLS Listings, Lodi MLS Listings, Ca Real Estate, Home Buyers, Stockton Homes for Sale, Lodi Homes for Sale, Stockton Short Sales, Brookside homes for sale, Spanos park home for sale, West Spanos Parke Homes for sale, Old Morada, Golf Course homes, Luxury homes, waterfront homes, Country homes Lodi Short Sales, Stockton Short Sale Specialist, Lodi short Sale Specialist.