Are you considering a short sale to bid a permanent farewell to your mortgage issues?
It is important to consider all the possibilities beforehand so you don’t end up regretting your decision later. From looking at all alternatives available to choosing the right real estate specialist to get the deal going, a little proactive thinking on your part can save you from a lot of hassle in the future.
Wondering how you can decide whether or not a short sale is the right option for you? Here is a quick go through of the questions you need to ask a professional to make the best choice in your interest. Take a look:
What Experience Do You Have in Conducting Short Sales Successfully?
This question is the most important out of the lot. You need a short sale specialist to make a successful case for you – Just any realtor won’t do. Short sale specialists are more accustomed with handling the details, documentation and negotiation involved, have contacts in the market that can help sell the home quickly and can better guide you about the various steps involved in the procedure.
It is important to understand what a short sale is and how it works prior to taking any decision, because although short sale is a beneficial option for many a home owners, the unique nature of your case has to be taken into consideration.
How Long Will The Procedure Take?
No agent can give you an exact time frame for the short sale – it all depends upon the market situation, the condition of your house, the demand of property in that particular region etc. However, based upon their research and analysis, an experienced real state specialist can give you an estimated date on how long the short sale is going to take.
How Much Will It Affect My Credit Score?
It is important to note here that a short sale does affect your credit score, though not as much as a foreclosure. Typically, a short sale stays on your record for up to three years in most cases, you definitely have the chance to build you credit again and consider a loan in the future if all goes well.
Why Is Short Sale A Better Option Than Foreclosing My Home?
Losing your home with absolutely no compensation on your part is never a good thing. Plus, you have to deal with the social stigma and emotional aftereffects as well, which can greatly affect your future purchases. A short sale is a better option in most cases, as you have more control over the situation. With a short sale you can recover some amount to pay off your debt and make a fresh start without compromising on your finances completely.
It is never too late or too early to start thinking about a short sale. If you can’t manage your mortgage payments and the debt on your house has exceeded its net worth, a short sale is a smart way to sell your home quickly. REALTOR Jim McCormack is an experienced short sale specialist with a consistent track record in the local Nashville market and can help you take the right decision.
The key to financial freedom is just a click away! Contact REALTOR Jim McCormack today.