Should you do a short sale – Canton real estate information

 

Should you do a short sale – Canton real estate information

How to prepare your home for sale

When contemplating a short sale you have to factor in many things.

1.       What is your goal?

2.       How will it affect your credit?

3.       How soon before you want to buy another home?

4.       Will they come after me for the deficiency?

5.       What will it take to get a short sale done?

So why do you want to do a short sale?  Are you getting divorced?  Is your home upside down?  Did you lose your job?  Do you have medical bills or a bankruptcy that over whelming you?  Or are you just wanting to get out of the area you are in?  Or do you want a bigger house?  These are just some of the reasons why sellers want to do a short sale.

Do not let a real estate agent tell you that a short sale will not affect your credit.  If the bank takes a loss they most likely will put on your credit “short sale” or “settled for less than full amount”.  Future lenders do look at short sales as a negative.  Of course the reasons why it happened do mitigate it.  You may still be able to buy a home soon after.  It may not completely destroy your credit.  But I as a real estate agent cannot guarantee that.  So plan on your short sale being a negative on your credit.

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