Many sellers are in a very difficult position. Which is better: a Short Sale or a Foreclosure?
Many home owners hesitate to make this tough decision. I personally recommend a short sale but you need to understand what this really means.
Will the collectors stop calling? No. The debt collection people will continue to call until your home sells. They are in two different departments and have 2 different jobs.
Will my home sell quickly as a short sale? Typically not. The current mortgage holder wants you to sell your home but needs you, the seller and your Listing Agent to do their best to get the best price possible for the home. A short sale takes a special buyer.
Who buys short sales? The short sale home buyer typically already has a place to stay, has a lot of flexibility and time to wait. A short sale buyer expects to wait 4 to 6 months before buying the home. After the bank finally decides, the buyer must then react quickly (regardless how long the mortgage company has taken).
A short sale buyer is expecting a discount because he/she has waited a long time for a decision. The buyers must love the home in order to wait this long and not wish to change their minds and purchase another home that can close quickly (frequently a foreclosure). In Charlotte, this has happened innumerable times. Selecting the right buyer is paramount!
Your listing agent must understand and appreciate your time and your situation. As a listing agent, I share the inner working of a short sale before we begin. Yes, you will be required to write a hardship letter, provide additional documentation and be available to sign as necessary to sell your home. I will be there throughout the process to respect your situation and be there to help.
Delaying the phone call only prolongs the "unknown" and the dread. Call me, Rick Waite today at 704.770.6559 and let's move your life forward!