Short sale process: The best way to avoid facing a foreclosure and save credit ratings!
Home short sale procedure has been in practice for some years now. Though the process has gained popularity in recent years, but people still remain skeptical and ignorant. Undoubtedly, there has been a manifold increase in the number of people opting for short sale homes over foreclosures. But a vast number of people who are staring at foreclosure are still not aware of this option that they can avail.
A part of this ignorance can be attributed to the fact that the short sale process is somewhat complicated, so much so that even the short sale agents are not able to convince the customers the merits that a short sale entails. Thankfully, a number of reliable agents have come up in recent times that not just provide you all the short sale information but also assist you throughout the process so as to make sure that you don’t face any difficulty or hindrance. If you’re one of those who are still a stranger to what a short sale is and why it is becoming the preferred option among people, the below information may help you develop an understanding.
Before we explain what a short sale is and how it works, it is important to mention the fact that most people would do anything to avoid foreclosure. With the social stigma attached to a foreclosure and the heartburn that it can cause are strong enough factors that force people to avoid having their property auctioned by all means. Moreover, the damage that a foreclosure can cause to your credit ratings is well known. With all these negative factors, it’s no wonder that people look for alternatives to foreclosure in case they are unable to pay back their loans (which, by the way, is not uncommon in these times of economic turbulence!).
In a short sale, the property owner sells his property and pays the sale amount to the lender, who in turn agrees to accept the amount that is less than what is actually owed. The services of short sale specialist can be of major help and must be availed of while carrying out the transaction. Unlike a regular property transaction, the short sale process involves three parties’ seller, buyer and the lender. This is one of the factors that make the short sale process somewhat more complicated and makes it necessary for you to seek assistance of a short sale expert. By selling the property on his own, the property owner can avoid the embarrassment of a public auction. The owner can also prevent his credit ratings from hitting rock bottom. The lender gains as they do not have to go through the rigors of auctioning a property and thus save time and money on their part.
If you’re looking for Arizona short sale or Phoenix short sale, there are a number of short sale realtors that offer their services at affordable prices. The short sale packages offered by the agents are a real boon for anyone contemplating going for a short sale.
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