Benefits of Short Sale Carmel Westfield

Benefits of a Short Sale

 Carmel Westfield real estate- Thanks to the real estate bubble burst of 2008, unfortunately, many people became too familiar with foreclosure process. The rest of us at least know a little bit about what’s involved with a foreclosure. Foreclosures even hit here in Carmel and Westfield, where the market remained fairly steady during the downturn. What many people don’t know about or understand is the short sale process. Putting your home on the market for short sale can be an alternative to foreclosure and save you some of the headaches involved in foreclosure.

Essentially, in a short sale, the lender agrees to accept a sale price that is less than what is owed on mortgage. (You can read more about what a short sale is here.)

So what are some benefits of short sale?

  • You can avoid the stigma of foreclosure and while your credit will still take a hit, it won’t be as severe as with a foreclosure.
  • You are still involved in the selling process, as both the home owner and the lender must agree on an offer.
  • Under Fannie Mae guidelines, you may buy another home after two years, rather than the five to seven year wait period for foreclosures.
  • Under Fannie Mae guidelines, if all your late payments were at least paid within 60 days, you are eligible to purchase another home immediately, with no wait period.

 

If you’re unable to make your monthly mortgage payments, please contact me and I can offer you alternatives including short sale.