www.lehighvalleyshortsalerealtor.com
Carl SanFilippo
(888) 445-8880
Short sales have been helping homeowners dodging foreclosure since the housing market began taking its fall back in 2007. Short sales are becoming popular because of the minimum impact it has on a homeowner’s credit. A foreclosure makes it almost impossible to be qualified for a loan for seven years, while a short sale can recover in as little as two years. Short sales can be a lengthy procedure, but with a short sale specialist helping you, you won’t have to be concerned about negotiating to constant communication with the lender. The service of a short sale specialist is free to the homeowner and is just another plus to opting for a short sale.
Short sales provide incentives to the qualifying homeowner to help with relocation fees. The Home Affordable Foreclosure Alternative government program will offer $ 3,000 cash back after the short sale. A short sale can also be an advantage to the lender by helping them to avoid a costly foreclosure; the lender understands their loss with a short sale, but also comes to grips with their gain of avoiding foreclosure.
The short sale process can be long and tedious, but upon completion, it will show its true benefits. Depending upon the state, and whether the short sale was a traditional short sale or the HAFA short sale, a homeowner will be relieved of the deficiency after the short sale; meaning you will not be held accountable for paying the difference. With a foreclosure, you will be addressed with fees and many years of “foreclosure” lingering to your credit.
With the housing market still trying bounce back, buyers are still seeking after a good deal and homes being sold as short sales could be the deal they are wanting. Sometimes various buyers can come and go during a seller’s short sale, but that is why it is important to have a competent short sale specialist from the beginning, ensuring that your house is “buyer friendly” and all of the requirements asked by your lender are met.
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