“Should I do a short sale?” is a question that lot of people who are underwater on their house but have a need to sell their home often ask. Here are the top 8 reasons that if you are in threat of having your home foreclosed upon, you should look into having a Realtor help you with a short sale on your home.
- You have lost your job, or had some form a hardship that has caused you difficulty in making payments on your home.
- You have missed payments on your home and have no plan or ability to catch up with those payments.
- You are in foreclosure and you have been given an auction date for your home.
- You can no longer afford your home.
- You have no desire to keep paying for a house that is underwater.
- You have a second mortgage on your home. (Many second mortgages are not forgiven in a foreclosure and leave you open to a law suit.)
- The house is an investment property. (There may be a larger tax consequence.)
- You want to avoid foreclosure to save your credit.
A short sale isn’t always the best option though. Here are two reasons to allow your home to be foreclosed upon instead of selling it with a short sale.
- A short sale is negotiated, but your lender will not forgive the debt that the sale is short by.
- A short sale is negotiated, but your lender wants a considerable amount of cash from you.
Everyone’s situation is different. If you want to find out if a short sale would work for you, your first step is to contact a Realtor who is familiar with the short sale process. I have special training and have a Short Sale and Foreclosure Resource designation. If you are in the Central Oregon area and want to talk to a professional about your situation, give me a call at 541-350-8915, or an email at firstname.lastname@example.org.