At a recent sales seminar, a claim was made that over 50% of homes going into foreclosure made no attempt to avoid this terrible fortune. None. Zip. Zilch. Zero. If that is true, then I find it very saddening to know that people are struggling, and feeling that there is no viable solution or help available to them. While this is certainly no easy time for decisions regarding our homes, there are people that can help. Further, simply attempting to do a short sale or remedy your situation (rather then just going straight to foreclosure) can be looked upon favorably by the banks.
If you can complete a short sale, then you will be in a much better long term financial position. For example, a successful short sale can allow someone to apply for another home loan in as little as two years versus as many as 7 years if the home goes to foreclosure. A significant difference for anyone concerned with owning another home in the future.
Successfully completing a short sale can also have important credit score ramifcations versus allowing a foreclosure to take place without a fight.
This Real Estate market is filled with an unprecedented spectrum of misfortune and opportunity. This radical environment calls for better information and expertise than ever before. If you have any questions about how to best approach this market, given your situation then please call us today.
Brian Butler Realtor: (831) 241-4259
Kris Butler Broker/Realtor: (831) 915-8330