WHAT IS A SHORT SALE?
Short sale – the owner is selling and does not have funds/equity to close the transaction and needs short sale approval from lender(s). Typically owes more than market value of property and may or may not be in pre-foreclosure. If the lender(s) approve they will take it short as far as the mortgage owed.
WHAT ARE THE BENEFITS OF A SHORT SALE?
- Retain some dignity, knowing that you sold your home.
- You won’t have the embarrassing stigma of foreclosure.
- You may be eligible to buy a new home within 2 years.
- Your lender (the bank) may actually pay you up to $3,000 to sell your home in a short sale!
- Most times, the balance owed after the sale of the home is waived (written off) by your lender.
WHY SHOULD I AVOID FORECLOSURE?
- To protect your credit score. Since you are already late on your mortgage payments, you may think that “my credit can’t get any worse.” THINK AGAIN! A foreclosure may reduce your credit score by 200-300 points! A foreclosure may also stay on your credit report for up to 10 years!
- If your home goes through the foreclosure process, you may not be able to purchase another home for up to 7 years.
DO I QUALIFY FOR A SHORT SALE?
Contact Dan DeLuna, a Short Sale and Foreclosure Resource (SFR), by telephone, text or email today! Don’t delay, there isn’t time to hesitate!
PHONE: (614) 302-8848
TEXT: (614) 302-8848