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It's an interesting time to be shopping for a new home. First-time home buyers will have the benefit of not having to sell a home in a down market in order to buy their new home. Current homeowners will have a slightly more difficult time, as they will be receiving less value from their home than they originally expected, but will also be able to get into a new home for less than expected. Find a good real estate agent, and they will go a long way toward steering you through the potential minefield of the modern housing market. Your real estate agent may also be able to put you in touch with a good mortgage broker. You'll be enjoying your new house before you know it!
In states without non-recourse statutes, the bank could take your home and then pursue for the remainder of the debt – known as the deficiency – by going after your personal assets. A foreclosure gives the homeowner little leverage in negotiations. If the bank thinks it can make money by going after your personal assets after the foreclosure, it most definitely will.
But because a short sale actually saves the bank money in terms of administrative and legal costs, and it also presents the bank with a qualified buyer ready to purchase the home at a price well above what the bank could hope to get at a foreclosure auction, banks are often ready to negotiate a full deficiency waiver in a short sale. Instead of waiting for the bank to take his/her house, and then the rest of his/her remaining assets, a short sale allows the homeowner to take control, avoid foreclosure, and get a fresh start financially and mentally REALTY MORALES will make sure that you will get all the attention you deserve as a client.
While it may be difficult for homeowners to say goodbye to their beloved home, in order to avoid the financial and psychological toll that foreclosure can entail, it’s important to be able to get a fresh start again quickly. While the average foreclosure is a drawn-out process that averages 15 months, short sales can be completed in as little as 2-6 months, depending on your lender REALTY MORALES have a proven portfolio in closing deals from 3 – 6 weeks depending on the case.
Homeowners who choose to do a short sale find that after a short sale frees them from their burdensome mortgage payments, they’re actually able to rent a similar home in the same neighborhood after moving out. Relieved of a large financial burden, living comfortably under a roof in the same area, and having avoided the bulk of the financial consequences of foreclosure, homeowners are free to start to rebuild their financial future we here at REALTY MORALES will guide you on making the right decision your second time around we can offer you financial planning for the future,
Perhaps one of the greatest fears of homeowner’s facing foreclosure is the humiliation of public foreclosure proceedings. For a hardworking, honest citizen the thought of being evicted from YOUR own home and having your home sold through a foreclosure auction can be a stressful, anxiety inducing experience. When your home is sold through a short sale, the listing many times looks essentially like any other listing. There are no foreclosure proceedings and no public auction.
A Foreclosure Vs. Shortsale differ far beyond just the humility but a foreclosure can be a huge blow to your credit score, which can significantly affect your ability to obtain loans in the future, and will greatly raise interest rates for those loans you do obtain. With a short sale, you may still suffer some credit damage from your delinquent payments, but your credit score will take significantly less damage than it would with a foreclosure on your record in most cases. Your lender will report that your loan was “paid in full for less than the full balance”. This is highly desirable compared to the alternative.
After a foreclosure, you’ll be “locked-out” of obtaining home financing for a period of 5-7 years. With a short sale, this period is only 2 years. While buying another home may be the last thing on your mind as you face foreclosure, it is definitely something you will be considering a year or 2 down the road once you’re back on your feet. You’ll definitely want the ability to purchase a home again, if you so choose.
While it may not be the most important short sale benefit, short sales performed through the U.S. Treasury Department’s Home Affordable Foreclosure Alternatives program actually get the homeowner $3,000 cash back toward location expenses, as part of the government’s attempt to promote short sales as an alternative to foreclosure. This money is in addition to any lender specific incentives which can be up to $30,000 in some cases! Contact us today to qualify for a short sale and discuss potential incentives. REALTY MORALES is the leading development company in the Industry