Experts say that a foreclosure is worse on your credit rating than a bankruptcy
House Buyers Texas: Just when you think the prices on homes are at their lowest they seem to keep dropping. Will it ever end? You need to sell your house and you thought you should wait for the prices to stabilize and go up at least a little bit. When you do sell it you would like to keep some of your equity. That’s why you are waiting as long as possible to see what will happen.
Most real estate experts were working under the belief that the market will be turning around soon. It isn’t happening the way they would like to have seen it happen. The market is not rebounding yet and it may not happen for quite some time. That means that you will have some trouble trying to sell your house for what you’d like to get for it. The asking price will have to remain very low for you to be competitive with the glut of other houses on the market.
With the buyer’s market in place now and for an undetermined amount of time in the future, you may have to sell your house for a price that you aren’t that happy about. If you can hold off for a few years to see what happens that’s one option. The other option may be to just sell quickly for what you can get now and move on.
If you are in danger of losing the house to foreclosure, of course, you must not wait too long to sell. If there is any indication that you won’t be able to make the payments and could potentially lose the house anyway, it’s always better to get out while you can. Sell the house, pay off the bank, and leave the house with your credit still in decent shape. You’ll need it when you go on to the next house.
Experts say that a foreclosure is worse on your credit rating than a bankruptcy, so you don’t want the foreclosure to happen. If you have some equity in your house, you can call an investor for a price. They can come and tell you what they’ll give you for your property. If you’re happy with their offer, take it. You could have cash for your house in just a few days. If time is getting short for you, you’ll want to check out this option. It’s faster than the traditional house sale.
Filed under: House Selling