A short sale can be a viable option for homeowners facing foreclosure. However, knowing the process and requirements is essential before choosing this option. Here are five crucial facts about short sales that you need to know.
5 Facts About Short Sales
1. Eligibility Requirements
To be eligible for a short sale, you must meet certain requirements. Some requirements include falling behind on your mortgage payments or facing financial hardship. Additionally, you may have to prove your home’s value has dropped below your outstanding balance.
Closing a short sale can take an average of 4-9 months, depending on various factors. Some factors can include the lender’s response time, the complexity of the negotiations, and the market conditions.
To negotiate a short sale with your lender, you need to work with a qualified Short Sale Re specialist. They can help you prepare the necessary documentation, communicate with your lender, and negotiate on your behalf.
4. Impact on Credit
A short sale will hurt your credit score, but not as bad as a foreclosure would. Your credit report will show a settled debt, rather than a foreclosure. Additionally, you may be able to recover faster and qualify for a new mortgage sooner.
5. Requires Informed Decision
If you’re considering a short sale, it’s crucial to work with a qualified Short Sale Re specialist. With this in mind, look for someone who can help you understand your options and determine if a short sale is right for you. At Short Sale Re, we offer free consultations to help people understand their options and make an informed decision.
A short sale can be a viable option for homeowners facing foreclosure. It’s essential to understand the requirements, the timeline, the negotiations, and the impact on your credit score. Working with a qualified Short Sale Re specialist can help you navigate the process and achieve the best possible outcome. Contact Dan Belcher at Short Sale Re for a free consultation and take control of your financial future today.