The First 30 Days of a Short Sale

Watch this 3 minute video of the 3 most important steps in a short sale process.

What Happens To Your Credit?

So I was talking to some of our clients at one of the communities that we are doing a lot of short sales at and I am shocked at what I heard.

I found out that a meeting was held and the homeowners were given absolutely false information on what happens to their credit in a short sale. I am not sure who conducted the meeting, but this naturally would deter people from doing a short sale. 

So I wanted to fill our clients and future clients in on all the aspects of a short sale and their credit. 

If you don't believe what I am saying to be true, then I will give you the contact information to some of our past clients and you can ask them first hand!  So whats more reliable?  Someone that has gone through it or somebody trying to scare people away from doing short sales.

Short Sales = A better financial future for the homeowner.

I am a HUGE advocate for short sales. I have done one myself, I recommended and have helped my friends and family and we help many homeowners succussfully complete them. (27 for 27 with full deficiency waiver)

A few questions to ponder.

When you have a bad investment do you keep throwing money at it in hopes that it will be better or do you cut your losses, learn your lesson and start over?   A short sale allows you to start over fresh and rebuild your future. If you don't, then you will be paying hundreds of dollars more each month then you would be paying if you rented out your unit. And your stuck for the next 10-15 years until you break even. 

What do you need your credit for in the next 18-24 months?   Most of our clients are only taking a 100 point hit. Then if they use credit wisely, they start rebuilding it right away. We have had clients buy another place after 18 months of doing a short sale. We have also had clients buy cars right after a short sale. So eventually you will recover. 

How much is your credit score worth to you?  I asked myself the same question right before I did my short sale. Losing $5,000 a year for the next 10+ years was not worth the temporary 18-24 month hit on my credit.

Is it morally right to do a short sale?  I hear this a lot.  Our answer is, if you have a contract with the bank and they agree to change the terms of your contract, what is wrong with this?  Contracts can be renegotiated and changed in business all the time.  There is nothing wrong with that. So why would it be wrong to do this now?

It's a business decision!  In the end you have to look at it as a business decision. The banks are so why wouldn't you.  The banks are worried about their bottom line, so whatever they can do to minimize their losses they will do. You need to be worried about your financial future.  You did nothing wrong and did not make the economy tank and make your home lose value.  So now your faced with an option. Consider these questions and contact us for more information.

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