What is a short sale and how does it benefit you in Fort Walton Beach FL?

What is a short sale and how does it benefit you here in Fort Walton Beach?

If you’re thinking that question about yourself… great question!

In this article we’ll dive into that question so you as a Fort Walton Beach FL home owner can tell what your options are during foreclosure or just if your home mortgage is underwater.

What is a Short Sale and How Does it Benefit You?

A short sale occurs when a homeowner sells their property for less than the amount owed on their mortgage. While short sales can be challenging to secure in today’s market, they’re often a more straightforward way to settle outstanding mortgage debt than facing foreclosure.

A few years ago, short sales were very common in Fort Walton Beach, especially as the area was dealing with a wave of foreclosures. Although the market has improved since then, and home prices have rebounded, lenders are still willing to consider short sales under certain conditions.

Here are a few reasons you may want to consider short sale on your Fort Walton Beach home

Here are a few key reasons why opting for a short sale could be advantageous:

1. Avoid Foreclosure and Its Negative Consequences

The most significant benefit of a short sale is the ability to avoid foreclosure. Your lender agrees to accept less than what you owe, which means you can walk away without carrying an unmanageable debt.

A foreclosure can wreak havoc on your financial future. It stays on your credit record for up to seven years, making it hard to get approved for another mortgage or even to rent a home. Foreclosures can also delay your ability to recover financially and make it more difficult to secure loans in the future.

2. Protect Your Credit

Foreclosures can devastate your credit score, leading to long-term issues when applying for loans or renting properties. Additionally, if your job involves handling finances, it may even affect your employment.

With a short sale, your credit score takes a much smaller hit compared to a foreclosure. Rather than showing a foreclosure on your record, your credit report will only indicate a pre-foreclosure sale. This allows for a faster recovery.

3. Easier to Purchase a New Home

After a foreclosure, you may need to wait up to seven years to be approved for a new mortgage. With a short sale, however, you may be able to buy a new home in as little as two years, depending on your lender’s requirements. This gives you more flexibility to get back on your feet and reenter the housing market.

If one lender denies you a mortgage after a short sale, don’t be discouraged—shop around, as different lenders have varying criteria.

4. Often No Extra Fees

Another advantage of a short sale is that there are usually no additional fees from the bank. Lenders prefer to avoid the costly process of foreclosure, so they may be willing to negotiate a short sale if your home is underwater (worth less than the amount you owe).

In some cases, however, real estate professionals may charge a fee for helping to facilitate a short sale, so it’s essential to confirm any potential costs upfront.

Our company, Gulf Coast Home Buyers may be able to guide you in the right direction on how to give yourself the best shot at a bank approving a short sale with your Fort Walton Beach area house… so connect with us by calling (850) 972-0550 or shoot an email to us through our contact page here.

Getting a Short Sale – What You May Need To Provide

You will have to provide the bank with proof of being unable to pay your mortgage payments. This can be difficult and is best resolved by finding a good real estate attorney in your area that has experience dealing in this type of law.

If you don’t know who to contact or where to turn to see if a short sale may be a good option for you… get a hold of us.

We won’t charge a thing to discuss your situation with you and let you know your options.

And we can even give you guidance and pointers at absolutely no cost or obligation.

Sometimes we’re actually able to do the work for you or even buy the house from you to get you out from under that mortgage… so that may be a viable option for you.

We buy Fort Walton Beach houses and we work with home sellers like yourself who are having troubles getting out of your house the traditional way… or who can’t (or don’t want to) go the usual route of listing with an agent.

Get a hold of us anytime to discuss your situation. We’re here for you!

Or, if you want to see what we can offer on your house… click the link below and fill out the form on the next page. We’ll make a no-obligation cash offer to you within 24 hours. At least that way you know whether that is an option for you or not.

Get A Cash Offer On Your Fort Walton Beach Area House Here >>

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