The Pros And Cons Of A Columbus Short Sale

Columbus OH – There are many benefits of a short sale. Many people don't see the benefit. They don't do anything to avoid foreclosure and let their bank foreclose.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohshortsaleadvisors.com/

Benefits of a Short Sale:
 
1. A short sale often allows the seller to walk away owing nothing. You are often able to negotiate away all the debt. Banks know they will net more money with a short sale versus foreclosure.

In fact, a recent study showed banks would net 20% more money with a short sale versus foreclosure. Because of this, most short sale banks completely forgive the debt.

Yes, they might be losing $100,000, or more. However, they would rather cut their losses and let you go free.

2. Short Sale Sellers are eligible to buy another home much faster. For example, Fannie Mae recently released a guideline for sellers who short sale.

If you short sale, then you are eligible to buy another home two years after the short sale.

3. A Short Sale preserves your dignity. You won't have a "Notice of Foreclosure Sale" posted on your door while you still live in the neighborhood.

4. A Short Sale does less  damage to your credit. Your credit score typically drops by 250 to 300 points on a foreclosure. With a short sale, your credit may only drop by 50 points, provided you are current on all your obligations.

Cons of a Short Sale: 

1. There is no guarantee your bank will accept the short sale offer. However, banks are working very hard to improve their processes. They want the short sale process to become easier to work with.

2. The bank will want to see all documentation on your income and assets.

3. Short Sales do not always go fast. They can drag on for 3-6 months. However, you can still live in the home for free during that time.

A short sale is a good option for most homeowners. It allows you to get rid of the debt and move on with your life. Many people rent another home for less than their mortgage payment.

In one example, a homeowner in foreclosure found a larger home with a garage. It even had a fenced backyard for their kid. Their mortgage payment was around $1,500.

They rented the nicer, bigger house for $850 a month and saved $650 a month. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at robin.lemmons@kingthompson.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 614-741-2495.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. http://columbusohshortsaleadvisors.com/

Thinking about a loan modification? Our Columbus loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. http://columbusohshortsaleadvisors.com/

Thanks for reading this, Robin Lemmons.

Rick & Robin Lemmons is a Real Estate Team at Coldwell Banker King Thompson.

Phone: 614-741-2495

Email: robin.lemmons@kingthompson.com

A Zest For The Best

View My homes for sale at www.rickandrobin.com. 

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Important Notice 

Rick & Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorsed by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Robin's personal views and do not reflect the views of Coldwell Banker King Thompson.

This information on The Pros And Cons Of A Columbus Short Sale is provided as a courtesy to our viewers to help them make informed decisions.