So, what is a short sale? A short sale is a way of selling your over accumulated property. Many people find themselves with property that they buy in 2004-08 at that time they are actually worth more than what it's worth. Most have seen a significant drop in value. So what are your options?
1) Continue paying and hope someday
2) See if a Loan Modification wants help
3) Give the property back
4) Stop Paying and get foreclosed
5) Do a short sale
Option 1, if you continue to pay you may occasionally even out but it may take years. If the difference from what you paid and what's its worth it is not that significant you may want to opt in and hold on. If the gap is too big you may be burning your money. Find out how much your home is worth and make a decision.
Option 2, If you have a crazy loan, high rates, variable rate, ARM, this might do it. Call HUD and find out what they can do for you. If you have to pay what you can do for you. They do not want to modify.
Option 3, You just walk away. Most people can not afford to do this. In essence you call the bank and you tell that you want to return the property to them. Many times they will offer what is called "cash for keys". Meaning that they will pay you once again leave the house and give them the keys. It's a nominal amount but it's something.
Option 4, This one does not make too much sense. Do not get me wrong, if you can not pay. Odds are you want to stay in the house much longer.
Option 5, Short Sale, why? Out of all the options this is a viable option because of the time factor. In 90 days from the notice of default. But with a short sale or loan modification you want to be quiet in foreclosure but there will be no sale date. Normally, when they are either doing a short sale or a loan modification, they will take it off.
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Source by Luis Pezzini