Will a Short Sale Benefit You?

A short sale is a real estate process that involves selling your house at an amount lower than the amount due on your mortgage. To go through a short sale process requires know-how, diligence, and patience.

Once you successfully navigate a short sale you may experience life-changing benefits.

1. Eliminate Your Remaining Mortgage Debt

For a short sale to be possible and valid, the debtor needs approval from the lender. The approval is twofold. First, the lender needs to approve the short sale and second, the lender needs to forgive the remaining mortgage debt.

If you follow all the required steps and submit all the necessary documents, you’ll get both approvals from the lender.

At the end of a short sale, you’ll be free from all your mortgage debt.

2. Positive Credit Score

Unlike a foreclosure, a lender will only get into a short sale because of the recent financial trouble of the creditor.

The records of a short sale will therefore have minimum repercussions on your credit score than a foreclosure.

Note: A successful short sale will ensure you are eligible to buy a new home after two years. For a foreclosure, you may have to wait up to 10 years to buy a new home. For example, a Fannie Mae mortgage is generally available to you about two years after a short sale.

A short sale will always be beneficial to you if you do it well.

If you are looking to get the best out of a short sale, you should work with an expert.

At Bright Horizon we work with experts and use proven strategies that’ll ensure you get the best out of any short sale transaction.