Is a Short Sale Right for You?

For the past few years you have most likely noticed the overwhelmingly negative market changes occurring in Metro Detroit Real Estate. We have been seeing many families sadly losing their homes to foreclosure. Recently though, you probably heard the term “Short Sale” come up more and more frequently in Real Estate conversation…

Ben Lang, Metro Detroit’s Short Sale Specialist, is here to help you understand the Short Sale process, and why it may be the best option for you!

What is a Short Sale exactly?

First and foremost, a Short Sale is NOT the same as a foreclosure. Basically, a Short Sale is when a homeowner is able to sell their house for less money than they owe on their mortgage(s).  There are many different reasons why a seller can be approved to do this.

In most cases, it is due to a hardship the seller is facing. Examples of these hardships could be divorce, relocation, lost job, inability to make payments, or maybe the present market value of their property is less than what they owe to the bank because its assessment has declined; the seller took out supplementary loans against the property; or both. Either way, you must meet at least one of the many qualifications to be approved for Short Sale.

Although banks have been more negotiable with this process than they were in the past, they still feel it is more of a right than a privilege.

If you fall under any of these circumstances, the expert staff at Ben Lang Properties can perfectly guide you through the Short Sale process and save you from foreclosure on your Metro Detroit home!

Although it is the better option, Short Selling your home is a very complex process that takes a lot of time, patience, communication skills, organization and professionalism. That is why you should always hire an agent with a great deal of experience specifically in Short Sales. When pursuing a Short Sale, you must be able to work with the mortgage companies to provide pre-foreclosure solutions, as well as the lenders, getting them to forgive your debt.

Ben Lang Properties has an entire staff specializing in this, with the knowledge and negotiation skills to expedite the complicated and lengthy Short Sale process as much as possible!

Choosing to pursue a Short Sale rather than foreclosure has a much less negative impact on your credit as well. A successful short sale could only lower your credit score by only 40 points for a short period of 12-18 months, and it is not reported on your credit history. On the other hand, foreclosures will usually lower your credit by 250 to over 300 points, typically affecting your credit score for over 3 years. Short Sale Specialist Ben Lang will help you achieve a successful Short Sale and avoid a blemished credit report.

Sound like a short sale is the right option for you? Contact Ben Lang Properties, Metro Detroit’s Short Sale Specialist, to get even more information and assist you through your short sale process!

Ben Lang Properties is home to a leading Oakland County Short Sale Realtor. Specializing in all aspects of real estate including Troy MI short sales, foreclosures and working with home buyers and sellers with Oakland County luxury homes. When you hire the Ben Lang Properties staff, whether purchasing or selling Metro Detroit Real Estate, you can rest assured that you are in good hands!

Tags: avoiding foreclosure, Ben Lang Properties, credit score, Short Sale, short sale specialist, short sales and foreclosures

This entry was posted on Thursday, January 26th, 2012 at 12:40 pm and is filed under Short Sale. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.