Be Cautious During A Short Sale
A short sale is the most lucrative option for the homeowners who have just received a foreclosure notice. However for numerous others who are suffering from the woes of short sale, a word of caution becomes necessary. Millions of people around the U.S. have been a part of the short sale revolution and saved their credit reports from negative remarks. Whenever you get some short sale help, you avoid a lot of legal formalities. In addition, you would also be able to move to a new property at a discounted rate.
However, you also need to take due precautions before you go for some short sale help. These precautions will make sure that you do not end up in a financial trap and save yourself from long term issues. Here are some of the ways in which short sale help does not become problematic for you.
- Always look for the best short sale help– Your short sale proceedings would depend upon the people you deal with. If they are good and efficient enough, then they would be able to convince the lender and make the short sale happen. Otherwise, you might be facing many problems in the future.
- Discuss the reporting methods- Even though your loan is settled through a short sale, your credit score may be affected. This would depend on the way that the sale is reported to the credit agencies. You must make this point clear, as to how the matter would be reported to the agencies.
- Check your qualification- Your short sale consultant will be guiding you through the process of getting through the procedure. However, you need to be extremely cautious regarding your qualification. The lender may not want to go for a short sale with a seller who has already missed numerous payments. Therefore, before taking any steps, you must first make it a point to talk to your short sale consultant as well as the lender.
- Check for the fee of the short sale help- The short sale help should not be charging a hefty fee from you. You must calculate all the charges that you would have to spend on foreclosure and match them with the charges of the short sale help provider. In case they exceed, strike a bargain. You should not be paying too much and making your financial situation even worse than what it was.