House Selling Tips- Texas Home BuyersShort sales are sometimes a viable solution to selling your house when time is of the essence. Some of your credit may be saved by using a short sale instead of allowing foreclosure.

Sell Your White Settlement House Fast – Fort Worth Texas: House Buyers:The short sale as a solution to avoid foreclosure is sometimes the best thing you can do to preserve your credit. Though short sales do stay on your credit report for some time and are generally considered a negative, it beats foreclosure or repossession of your home. When you find that you are in financial hot water and unable to pay the mortgage, it is important to do anything you can to maintain as much of your credit as possible. While you can expect a drop in your credit rating, how far it drops will make a difference in the future.

Though short sales do stay on your credit report for some time and are generally considered a negative, it beats foreclosure or repossession of your home. When you find that you are in financial hot water and unable to pay the mortgage, it is important to do anything you can to maintain as much of your credit as possible. 

There are needs for decent credit going forward. You’ll need credit to rent or buy another house, to get a job, and even to qualify for car, health, or homeowners’ insurance. If you move and need to open a bank account, your credit will be a factor as well. Do everything you can to preserve points on your credit score.

Selling the house by short sale means that the bank will accept less than what you owe if you find a buyer who is willing to purchase the house. If the current market value is $150k and you owe $155k on the mortgage, you may find a buyer who is willing to spend $140k on your house. That would mean the lender would have to accept $15k less than what you owe them. Many banks are accepting short sales on properties because so many are headed for default. Foreclosure costs them money and they may not get anywhere near the short sale amount if it goes up for real estate foreclosure auction. You can see why they may be willing to take their chances and accept just short of what they are owed instead of possibly receiving much less after going through the default process which is long, drawn out, and requires them to file with the court in many states to get a judgment before foreclosing.

  • Do everything you can to preserve points on your credit score.
  • Many banks are accepting short sales on properties because so many are headed for default.
  • Many real estate investors are expert at the paperwork and legalities that go along with short sales. 

If you don’t have a buyer who is interested in purchasing your property, look for a reputable real estate investor that will buy it from you for cash. Many real estate investors are expert at the paperwork and legalities that go along with short sales. The bank will have conditions for acceptance and if you sell to an investor, the investor will usually take care of the bank details for you.

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