Email Marie Geisser at Gateway Realty Download My vCard
Marie Geisser

Marie Geisser - Realtor®

Coldwell Banker
Kappel Gateway Realty

750 Mason St. Suite 101
Vacaville, CA 95688

Phone: (707) 456-7355

Marie@MarieGeisser.com

Why Consider a Short Sale Instead of Foreclosure?

 

Over half of homeowners with a mortgage owe more than their home is worth and as foreclosure rates hit record levels, more sellers are turning to short sales as a way to avoid a foreclosure. A short sale is when a seller, or seller's agent, negotiates with the mortgage lender to accept a sale of the home and settlement of less than the seller owes on their house. Typically, the mortgage lender agrees to forgive the remaining amount of the mortgage loan. The result is that the homeowner gets out from under their mortgage on a property that is worth less than they owe, they avoid having a foreclosure on their credit and the buyer purchases the property at its current value.

 

While a short sale will still damage the seller's credit, it is not as bad as a foreclosure. Much of the credit damage that comes as a result of short sales is the fact that most sellers are already behind on their mortgage payments by the time they consider a short sale. Although you do not have to be behind on your payments to consider and successfully short sale your home. Despite the potential damage to credit, Fannie Mae guidelines allow you to purchase a new home in as little as 2 years, instead of 5 to 7 years.

 

If you are unable to afford your mortgage payment, are behind on payments, about to go into foreclosure or just want to get out from under a home you owe more than it is worth here are some reasons to consider a Short Sale:

 

 

Protect Your Credit - While a short sale will still likely damage your credit it is rarely as bad as a foreclosure mark on your credit.

 

Protect Your Dignity and Integrity - A foreclosure can be devastating and embarrassing. With a short sale it is just that, a sale of your home. There is no need to explain to family, friends and neighbors why you couldn't afford your home. You sold your home by making a sound financial decision for your family.

 

Protect Your Future - Employers often ask during interviews or on background questioners if you have ever had a foreclosure. If you have had a foreclosure and this question comes up you will probably want to look elsewhere for employment. So far, I have never seen a question regarding Short Sales. The same is true of loan applications. Often a past foreclosure will cause you to have higher interest rates on your loan, costing you thousands of dollars or outright prevent you from getting a loan.

 

Peace of Mind - You get a fresh start. You will have eliminated the stress of your high balance mortgage debt that you couldn't afford, stopped collections and worked with the bank to come with a mutually agreeable solution. In addition you sold your home to a buyer who will have gotten a good price on the home and will prevent the neighborhood from being stuck with a vacant, rotting, foreclosure property.

 

 

Lenders are very eager to consider a short sale versus foreclosing on a property that the owner has walked away from and left the lender to deal with. A short sale is often considered a small loss to the lender versus the lengthy and costly foreclosure process. Lenders will agree to short sales when they find it to their advantage to avoid the foreclosure process and possibly take a larger loss on the property or even be burdened with an unsalable property.

 

If you need to sell your home but don't have any equity, are about to go into foreclosure or just can't afford your payments then a short sale may be right for you. A short sale does not cost you a thing, eliminates your high balance mortgage debt, stops collection calls and saves you the embarrassment of a foreclosure. Mortgage lenders are making the short sale process much faster, easier and more refined.

 

Please contact me today with any questions you may have if you are considering a short sale.

 

 

Are you considering selling your home? Please contact me today and I will answer any questions you may have about selling your home. I will help you get the most for your property and take the stress out of selling your home. 

 

Marie Geisser - Realtor®

 

Coldwell Banker
Kappel Gateway Realty

 

750 Mason St. Suite 101
Vacaville, CA 95688

 

Phone: (707) 456-7355

 

Email: marie@mariegeisser.com

 

 

Coldwell Banker Kappel Gateway Realty is not associated with the government, and our service is not approved by the government or your lender; and even if you accept this offer and use our service, your lender may not agree to change your loan.