6 Reasons Why Short Sales Are Better Than Foreclosures

September 3, 2014

in 30A Luxury Homes

6 Reasons Why Short Sales Are Better Than Foreclosures

If you own a home along 30A and for some reason, could no longer continue making your mortgage payments, or are already in default status, you are at the risk of losing your home to foreclosure.

There is a better alternative to foreclosure, and that is doing a short sale.

Short sales offer distressed homeowners of 30A luxury homes more advantages over foreclosure.

Know the advantages of opting for a short sale than a foreclosure for your home along 30A.

Here are 6 benefits of a short sale:

1. Faster

Once you have an executed purchase and sale agreement a short sale only takes, on average, 90 – 120 days to complete as compared to a foreclosure. In the State of Florida, it could take over a year.

2. Less impact on credit score

A short sale can negatively affect your credit score but its impact is not as damaging and long lasting as a foreclosure.

3. Relocation incentives

Some banks offer relocation incentives for qualified homeowners who sell their home as a short sale.

4. A short sale allows you to negotiate with the bank

With all short sales there is a deficiency (amount you owe on your mortgage vs. what the home is selling for). You could be liable for that amount. In many situations the bank will waive the deficiency. If you lose your home to foreclosure, there is no way of negotiating with the bank and you may end up paying thousands of dollars.

Save yourself from the emotional stress of a foreclosure, choose the better short sale option for your home along 30A.

5. Shorter waiting period to buy a new home

Homeowners who have gone through a short sale generally need to wait only 2 years before they could qualify for a new home loan  (or sometimes even less if they qualify for certain government programs). The waiting time to buy a new home after foreclosure is 7 years.

6. Less emotional stress

Short sales help the distressed homeowner avoid the stigma and emotional stress associated with foreclosure proceedings.

A short sale is definitely the better option than a foreclosure when you find yourself in a situation where making your mortgage payments is no longer possible. If you feel that you need to do a short sale, work with an experienced short sale agent who can help you navigate through the complicated short sales process.

If you want to know more about short sales or need the help of a short sale expert, Call me, Debbie James at 850-450-2000. Let me help you avoid foreclosure by guiding you through the short sales process.Visit my website at www.30ALuxuryHomes.com

 

Debbie James
Broker Associate
Somers & Company
Accredited Luxury Home Specialist
“When Quality Service & Experience Matter”
Debbie James | Realtor | Broker | 30A Luxury HomesDebbie James | Somers and Company | Realtor | Broker | 30A Luxury Homes

Subscribe to my blog by entering your email address:

Leave a Comment

Please copy the string MCjKf4 to the field below: