Benefits of A Short Sale OKC
What is a short sale? In real estate, a short sale is the process of selling a house for less than the mortgage balance that is owed on the home. So, this then begs the questions of why would someone think of selling their home for less than the mortgage balance. Well, the answer is quite easy and simple to explain, usually, a short sale is directly related to a foreclosure. Before banks can start the foreclosure process usually a homeowner will have the ability to get a short sale OKC. Often real estate agents will need to assist in the process, which requires the listing of the property at the lender approved price.
Lenders Hate Foreclosure
Did you know that lenders hate foreclosure? Yes, lenders hate foreclosures Oklahoma, in fact, they would prefer to avoid it at all together. This is one of the reasons why lenders make numerous attempts to get in contact with you as the homeowner. However, the challenges arise because many lenders have lost sight of the customer service side of things and are only concerned about one thing, you got it their bottom line.
The number one reason why lenders hate foreclosures is due to the process being expensive. Yes, foreclosure Oklahoma is expensive, because the lender(s) will have to hire a team of attorneys to help assist with the foreclosure process. This means that the bank/lender will have to pay attorneys month after month until the foreclosure process is complete. Can you imagine having to pay for a team of attorneys as short as 6-months to up to over 12-months? If the bank can sell the house without hiring a team of attorneys, they would prefer to do so, including a short sale OKC.
No Deficiency Liability
Did you know that if you allow your home to go into foreclosure, that you may still be liable for any deficiency? Yes, even though you may no longer live in the home because you were forced to leave when the house is sold on the auction block and the proceeds of the sale are not sufficient to cover the outstanding mortgage balance you as the original homeowner will be responsible for the deficiency balance.
- Recourse Loans – These loans actually favor the lender, especially when banks and lenders begin to tighten up their lending requirements. In this type of loan, the lender can go after the borrower’s other assets or sue to have his or her wages garnished to pay any deficiency remaining after the sale.
- Non-Recourse Loans – These loans actually favor the borrower. This type of loan the lender is out of luck if there is a remaining deficiency from the sale. Here the lender will have to take the loss. This means the lender will not be able to sue or come after the borrower’s other assets.
In a nutshell, we have a licensed Oklahoma short sale expert on our team to help ensure that everything is done right and accurate. If you have a licensed professional who understands the short sale OKC who has received the certified training (SFR certification from the National Association of Realtors), then you will know you are in good hands.
No Cost For Services
Exit Strategy Investments has a licensed real estate agent on staff, which is required to help assist with the short sale OKC. Did you know that agent is required to assist in this process, however, you will not have to pay their commissions at all? Compared to the traditional transaction, in fact, this falls in line with culture and mission. The mission of Exit Strategy Investments includes helping such homeowners put together a plan and then guide them through the completion of that plan.
Seller Can Repurchase A Home Sooner
No homeowner in Oklahoma foreclosure can contemplate a successful journey to save a home from foreclosure without a company like Exit Strategy Investments. No one plans to fail and lose their home; in fact, it is that most families fail to plan at all before, during, and after they have missed their first mortgage payment. The mission of every reputable company, Exit Strategy Investments included, help such homeowners put together a plan and then guide them through the completion of that plan.
We’ll Buy Your Short Sale OKC Hassle-Free
A short sale is usually better than having a foreclosure. If you are looking to sell your house fast and are not yet experiencing foreclosure, perhaps you have skipped a few mortgage payments, or you are just thinking to sell for CASH without all the hassles or stress.
Call us today at (405)698-3948