Why is a Short Sale Better?

Where do we start? It has been all over the news, every station, and every other article on the internet constantly talking about home foreclosure. You want to do something to keep your home, and have been trying aggressively with the banks to get your loan modified, but it just seems like everyone at the bank just does not care or understand your situation.

As a REALTOR® I have seen and heard most of it, I can not say I have heard it all because it seems each week I hear a new twist to this common story. The one thing that stands out in each story is that the homeowner does not understand that there are options and other alternatives.

Having aREALTOR® who understand short sales and foreclosures goes a long way. Do not throw in the towel after the first round with the band loss mitigation department. The first round can knock you out, some get up and go for the second round and make some progress, but a majority of homeowners quit after their loan modification is denied. This is the point where the homeowner has given up and is ready to walk away from the home.

This is where round two starts: Get pre-foreclosure help with a REALTOR® who has successful negotiated and closed short sales. Having a Real Estate Agent on your side, who has experience with pre-foreclosure, short sale negotiations, and who has successfully closed short sales will increase your odds of getting a short sale approval from the loss mitigation department.

Why should you care about home foreclosure?

• As a homeowner you will always have to disclose you have had a home foreclosure on any mortgage application. Odds are you will want to purchase a home in the future.

• Having a foreclosure may possibly drop your credit score by 300 points or more affecting the ability to get a car, apartment, credit, and etc.

• Having a home foreclosure on your credit report is almost impossible to get repaired.

• If you are in the Military, your security clearance might be at risk by having a foreclosure.

• Looking for a job? Most employers run credit checks on prospective employees. Having a home foreclosure is one of the top items that will put a potential new hire in jeopardy.

There are other options for you. Do not give up hope. We have a dedicated team of agents who continually educate themselves on new pre-foreclosure programs and new ways to negotiate short sales. The Riturban & Moyer Team of Keller Williams Realty East Valley wants to help you.

There is a difference between having a home foreclosure and enjoying your life without a home foreclosure.