Short sale real estate offers huge benefits to homeowners currently facing foreclosure.
Foreclosure is a long and stressful process that can ruin your credit history and make it impossible to buy another house for nearly a decade.
The key to overcoming stigma caused by foreclosure is finding a viable alternative.
The short sale real estate business is on the rise, which means you will likely be able to find a buyer relatively quickly and easily.
Selling Your Home as Short Sale Real Estate Can Erase Your Remaining Debt
Taking advantage of a short sale is a great way to erase the remaining debt you owe on your mortgage.
This is particularly beneficial if you owe more on your home than what it currently worth.
Real estate values were never higher than they were during the boom in mid-2000’s.
Unfortunately, once the bottom fell out of the market, many homeowners ended up owing more money on their mortgage than their property was actually worth.
A short sale not only can help you avoid foreclosure, but also erase the remaining debt associated with it.
Your Credit Will Suffer Less Damage by Selling Your Home as Short Sale Real Estate
One of the most common reasons people take advantage of the short sale process is it is much easier on their credit history.
A foreclosure can drop your credit rating by several hundred points once the process has been completed.
While a short sale won’t leave your credit unharmed, it often only drops your credit score by 50 to 75 points.
This is a huge benefit if you plan on needing a loan in the near future for other big ticket items like a vehicle.
You Can Save Money during the Short Sale Real Estate Process
A benefit of short sale real estate that is often overlooked by homeowners is that they have a unique opportunity to save money during the closing process. While the short sale is being processed, you are allowed to stay in your home.
The best part is this means you won’t be paying rent for another residence or making a mortgage payment.
This is the ideal time to pay down other debts are start saving for the transition to another residence.
Brooklyn real estate is expensive whether you are buying or renting, so saving some extra money is a huge benefit.
You Can Buy another House Much Sooner
One of the first questions people have when they get a foreclosure notice is how it will affect their ability to purchase another home.
In most cases, you will not be able to secure another mortgage for up to 7 years if not longer.
Short sale Brooklyn real estate is a great way to get into a new home sooner.
Many people who opt for a short sale instead of foreclosure can buy another house within 5 years.
Short Sale VS Foreclosure – The Answer is Clear
In the end, there is no doubt a short sale is a much better choice than foreclosure.
The process will be completed much faster which means less wasted time stressing over the situation and trying to plan your future.
A short sale can help erase your remaining mortgage debt, minimize the damage to your credit score, give you an opportunity to save money, and buy another home faster.
The easiest way to find a short sale buyer is by knowing what to look for.
The phrase “We Buy Any House” is most often associated with short sale buyers.
Make sure you work with a legit buyer.
They know what it takes to get your lender to accept their offer and they will make the entire process as easy as possible.