Schertz Short Sale – The Top Four Benefits
Schertz short sales are beneficial in numerous ways — they save you money, prevent the pain of foreclosure, safeguard your credit and help you avoid scams. If you can get approved for a short sale with the help of a real estate agent specializing in short sales, a real estate attorney and a tax consultant, you should jump on the opportunity. Although short sales are not without their own stress and challenges, the option is highly preferable to a foreclosure.
Save Money With a Schertz Short Sale
Who doesn’t want to save money? In general the Joint U.S. Committee states the average cost of a foreclosure is $7,500. However, you don’t know what it will actually cost you until your home is auctioned off. In the worst case scenario you’re upside down and the lender files a deficiency judgement. Say your home sells for $170,000 and it was worth $200,000, leaving you with $30,000 in unpaid debt which the lender will collect from you. As you can see, the cost of foreclosures can quickly spiral out of control. This doesn’t always happen due to circumstances the bank acknowledges like certain hardships, but why risk it?
Prevent Foreclosure With a Short Sale
In a foreclosure you have no control. Your lender tells you what to do, and you must follow along; the stakes are high-pressure and the stress can be immense. Your credit is getting slammed and essentially you are worthless to lenders for many years afterwards. In fact, the stress of foreclosure doesn’t truly begin until you’re done with the process because your life changes completely. Not only do you lose your biggest asset, your income is further drained through paying rent and gaining nothing in new ownership. There are also larger implications for foreclosures. The market is harmed as a whole — banks usually lose money, and other large purchase-based businesses have a smaller pool of qualified customers with which to work.
Safeguard Your Credit With a Short Sale
A Schertz short sale is a great option to help preserve your credit, as opposed to a foreclosure, because the bank can recover much of its losses by selling the home at an agreed upon price. Due to the smaller hit on your credit you can re-apply for a new loan two years after your short sale, as opposed to the general seven year wait for a foreclosure.
Avoid Scams With a Short Sale
Unfortunately opportunists exist everywhere, particularly preying upon those vulnerable due to facing a foreclosure. Don’t fall for the money-back guarantee scams which claim to fix your foreclosure problem. Their ulterior motive is access to your funds and leave you with less than when you contacted them.
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Article Topic: The Top Four Benefits of a Schertz Short Sale.