Facing Foreclosure? Should I Consider A Short Sale Oklahoma
Look we get it and especially if this is your first time, foreclosure is scary and to be quite honest it’s a homeowner’s worst nightmare. If you are facing foreclosure be aware that it does not equate to you having to lose your house. – Short Sale Oklahoma.
In fact, there are a few things you can do to help avoid foreclosure, while also ensuring your credit score is left in the best shape possible. The fact still remains that unfortunately when you are going through the foreclosure process and are facing foreclosure the pain or stress will not go away. Let’s be honest you may have tried to reach out to family members to help and borrow money because you did not want to have the place you call home taken away. Fortunately, there is another option – Short Sale Oklahoma.
Yes, short sales provide an alternative that can help you feel confident that you definitely made the right choice. So, you may be asking, what is a short sale, and how can it benefit you?
What is a Short Sale?
A short sale is when a homeowner decides to sell their home for less than the actual mortgage balance. Now the most common question we get is why would someone want to sell their home for less than the mortgage balance. In many cases, this occurs when the homeowner owes more than what the house is worth.
A short sale is usually the best alternative versus having a foreclosure on your credit, due to the consequences of a foreclosure. The team here at Exit Strategy Investments, will help facilitate a short sale Oklahoma. Selling to us will ensure a smooth transaction.
Note: you as the seller must get the approval of your lender before you can proceed with a short sale. Regardless, once you have all options considered a short sale Oklahoma may actually be the best avenue for you. Give us a call and speak to our real estate buying experts for more information about short sales.
Why Should I Consider A Short Sale
If you are currently facing foreclosure in Oklahoma and are given the option of a short sale, we would definitely recommend you thoroughly research and weigh all available options, if you are curious as to other options available reach out to a member of our team and we will gladly provide you with all alternative options.
Here are some benefits of a short sale:
- Save Money: Foreclosures are costly. In fact, did you know that your lenders will cover all expenses, including the commissions for using a realtor? Yes, realtors are required to be used, so this is no cost to you.
- It’s Not A Foreclosure: Foreclosures are stressful and going through the process of foreclosure has been known to be tied to emotional damage. Doing a short sale will, in fact, save you from all the stress and worries.
- Credit Score Impact Less Severe: A short sale does not impact your credit score; in fact, the missed payments are the majority of the factors that are impacted on your credit score. A short sale on your credit reflects that the balance has been paid and/or satisfied, meanwhile a foreclosure shows a negative impact on your credit score.
- No Deficiency Liability: Going through foreclosure may mean that if the full mortgage balance is not paid when the home goes to auction you may still be liable for the deficiency balance. Going through a short sale, when negotiated properly will ensure that you will not be liable for any deficiency judgments.
Here at Exit Strategy Investments, we are the experts in handling different types of properties and situations, especially those with an impending foreclosure. If you have received a foreclosure warning and concerned with what you can do your prayers have now been answered with Exit Strategy.
We have also been accredited and vetted by both the Greater Oklahoma City Chamber of Commerce and the Better Business Bureau with an A+ rating. Call us now and get in touch with us if you are looking to sell your home in Oklahoma to avoid foreclosure at (405) 698-3948.