3 Ways a Realtor Can Help You Decide If Short-Sale is Right for You

by | Mar 9, 2017 | Real Estate

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Mortgage payments could take a toll. If you’re in a financial bind and you’re finding it tough to make ends meet, you might want to consider opting for a short sale. Here’s how a short sale realtor from Naperville can help you decide if it’s the right option for you:

Alternative to foreclosure

Things don’t have to end with a foreclosure. With a short sale, you could sell the property at a much lower price than the amount you owe on your mortgage. The mortgage lender will need to agree to the short payoff. Banks as well as lenders have guidelines and specific rules with which properties must comply with to make them legible for a short sale, The Balance says. If this sounds good to you, then a realtor can help you figure out what those guidelines are and to check if your property fits the requirements or not.

Know the pros and cons

With a real estate agent, you have a much better idea of what you’re getting into. You’ll know what the advantages and disadvantages are. With a pro by your side, you’ll know exactly what you’re getting into, what risks you’re taking and what advantages you can fully expect. That puts you in a good position to make an informed choice, on whether to go for it or not.

Be prepared

A foreclosure puts a big, black mark on your credit history. And while a short sale isn’t going to save your credit, it’s still a whole lot less damaging to your records than a foreclosure. Your realtor can tell you all about the possible ramifications of opting for a sale to help you prepare for how it will affect your credit standing in the future. With a good and experienced short sale realtor from Naperville, you get the best possible outcome out of the sale.