Whether you are facing foreclosure or not, if selling your property will not make enough money to pay off your mortgage, a short sale proves to be a viable option.
For decades, there have been a few reasons to choose a short sale, instead of earning your real estate agent.
Foreclosure OKC Benefits
Even though going through foreclosure is usually embarrassing and painful, there are advantages to it.
You no longer have to make mortgage payments, you don’t have to deal with strangers in your home, and some institutions give cash for keys when the public sale is made.
Foreclosure OKC Downsides
Very few homeowners like the idea of foreclosure. So many cherished memories are made in a home, and losing it can be devastating.
The downsides of foreclosure include stripping away your right to homeownership, a dent in your credit score, and a notice of public sale on the front door.
Short Sale OKC Benefits
Going for a short sale enables you to keep your dignity, knowing that you sold the house and will not have to endure the social stigma that comes with foreclosure.
You will not have to make any more mortgage payments, and you will become eligible to purchase another home in 2 years rather than 5 to 7.
Also, if your credit report does not reflect late payments of at least 60 days, you will be eligible to purchase another house immediately.
Short Sale OKC Downsides
For starters, waiting for your bank to respond can be frustrating.
They will need to assess your personal information including assets and liabilities, bank accounts and tax returns, not to mention asking for a hardship letter.
There’s also no guarantee that the short sale offer will be accepted.
A short sale can also dent your credit rating. It doesn’t happen immediately, but sooner or later, unless the lending institution decided not to report the shortage, you are not safe.
The dent can stay in your credit report for up to seven years.
However, for most people, the chance to purchase another house in 2 years is the primary motivation for a short sale.
Some qualify instantly to purchase a home under certain terms.
This read concludes that a short sale is often better compared to a foreclosure.
If you wish to sell your home fast and aren’t facing foreclosure necessarily, consider selling for cash, fast and without the hassle by doing business with W Properties OK today!