One of the biggest challenges that can occur, whether you are facing foreclosure or not, is the wonder of selling your property and having enough money to pay off your mortgage. If this is not a possibility then a short sale may prove to be your viable option – Short Sale OKC.
The term short sale has faced scrutiny, but I believe that the main reason is the lack of understanding or finding the right professionals to assist you properly through the process. Yes, it is true that not all real estate agents know exactly what to do to assist you as a seller for a short sale OKC. So, in this article, we will provide you with some pros and cons of a short sale OKC and similarly, we will do the same for foreclosure OKC.
Exit Strategy Investment – Explains the Pros & Cons of Short Sale and Foreclosure Oklahoma
Benefits (Pros) of Foreclosure OKC
Let’s be honest going through a foreclosure in Oklahoma typically winds up being embarrassing and painful for some homeowners, simply because you have worked hard to obtain the American Dream of owning a home and now it seems like that dream is being taken away. So, what’s the benefit of a foreclosure you may ask, well simply you will no longer have to make mortgage payments resulting in potentially being able to save money.
Disadvantage (Cons) of Foreclosure OKC
Let’s just say you don’t want to go the route of a foreclosure. Not many homeowners like the idea of foreclosure, for the mere fact of the American Dream, mentioned just a moment ago. The major disadvantage of a foreclosure is a huge dent to your credit score and the obvious embarrassment of the public notice being placed on the home when it gets prepared for auction and this notice is placed right smack on the front of the door.
Benefits (Pros) of Short Sale OKC
Look we get it; you need to learn your options before deciding on what direction you want to go. So, let’s lay out the benefits of a short sale OKC, so you will be able to make the best decision for you and your family.
Going through a short sale will allow you to continue to hold your head up high, for the simple fact, you know that you have just sold your home and will not have to worry about the blemish of a foreclosure on your credit and you can rest assured that you can start over.
Another benefit of a short sale is that once if it is done correctly, you may not be liable for the deficiency judgment (this means any remaining balance that was not paid to satisfy the loan) and will not have to worry about paying any fees associated with the transaction. This includes no commission fees out of pocket for having the realtor involved as well. In addition to this if you qualify you may be eligible for relocation assistance, but only if you qualify. Talk about a helping hand.
Disadvantage (Cons) of Short Sale OKC
The one major downside to a short sale OKC is that you have to wait on the bank, this part of the process can be frustrating because it can feel like the bank is taking their precious time to get back with you. Where in fact, they have a ton of clients who are in similar situations just like you. The bank will be accessing your personal information that you provided which includes all your assets and liabilities, such as bank accounts and personal tax returns, in addition to your hardship letter. A short sale has to meet certain criteria in order to be successful and a major key point is your hardship letter.
Yes, your credit rating will be impacted, however, the majority of the marks will arise from the late/missed payments. Just remember credit is a revolving factor and is constantly changing. We urge you to be cautious, especially if you want to be able to purchase another home in the future. We have seen most people have the opportunity to purchase another house within 2 years and some may qualify instantly to purchase another home under certain obligations and terms, otherwise, you may not be able to do for 7+ years.
Stress, stress, stress, who needs or even wants more stress? No one that’s who! Overall, it is often better to pursue a short sale compared to a foreclosure. If you need to sell your home fast and are not facing foreclosure, consider selling your house for cash. When you sell your home to us, you will get a streamlined sales process that will save you the hassle associated with selling your home on the traditional market.
Call us now and get in touch with us if you are looking to sell your home in Oklahoma City at (405) 698-3948.