The short sale realtor permits you to dispose the huge credit that is outstanding from your shoulders and live a tension free life. This process offers you a brand new start after the foreclosure is being discontinued and in addition, it protects your credit from any further damage. This is however one of the most important aspects of short sale as without the involvement of this credit procedure, the foreclosure would have toiled with the credit score like anything and lowered it considerably.
In order to get rid of the burden of credit, a short sale realtor does not charge you any money and reflects positively than the foreclosure.
The important benefits derived out of a short sale realtor are listed below.
– This process can keep hold of some self-esteem in knowing that you have sold your home. – The short sale realtor does not involve any kind of public disgrace due to attached foreclosure. You are not supposed to make any payments against the credit unless and until you have wished to do so. – The excitement of meeting the new owner who is expected to buy the property. – As per the guideline of Fannie Mae, you would be ready and eligible to buy yourself a new property in just 2 years of time instead of 5 to 6 years. – You would be entitled to purchase a new house right away in case your credit report does not show a delayed payment.
1. Using the process of short sale, the creditors can provide a possible option to the property owner to settle their debts as the banks do not wish their accounts register to be heaped with the unsold property.
2. In a certain situation where the property holder is in a complete mess with the amount of credit against his name, may end up selling their property at a much lower cost than the actual amount of loan. The lender gets back a reduced amount against the amount outstanding whereas the borrower does not get any money from the sale of the house and the foreclosure report is not sent to the credit office.
3. You cannot just be eligible for a short sale realtor service until and unless you become a broke and start living in complete hardship. You should display your incapability to pay off the actual outstanding amount and must show the eagerness to work together with the process of short sale.
4. The short sale effectively improves the credit score from damaging and clutches on the credit report for a shorter period of time and lowers the score only by 40 odd points in an average. Otherwise there are cases where the foreclosure hangs on to the credit report for more than 7 years on a trot, lowering the credit score up to 100 points in an average.
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