Southeastern Michigan Short Sale Help: The Pros and Cons of a Short Sale Explained

Aug. 26, 2012 - PRLog -- There are many benefits of a short sale. Many people don't see the benefit. They don't do anything to avoid foreclosure and let their bank foreclose.

Benefits of a Short Sale:

1. A short sale often allows the seller to walk away owing nothing. You are often able to negotiate away all the debt. Banks know they will net more money with a short sale versus foreclosure.

In fact, a recent study showed banks would net 20% more money with a short sale versus foreclosure. Because of this, most short sale banks completely forgive the debt.

Yes, they might be losing $100,000, or more. However, they would rather cut their losses and let you go free.

2. Short Sale Sellers are eligible to buy another home much faster. For example, Fannie Mae recently released a guideline for sellers who short sale.

If you short sale, then you are eligible to buyer another home two years after the short sale.

3. A Short Sale preserves your dignity. You won't have a "Notice of Foreclosure Sale" posted on your door while you still live in the neighborhood.

4. A Short Sale does less damage to your credit. Your credit score typically drops by 250 to 300 points on a foreclosure. With a short sale, your credit may only drop by 50 points, provided you are current on all your obligations.

Cons of a Short Sale:

1. There is no guarantee your bank will accept the short sale offer. However, banks are working very hard to improve their processes. They want the short sale process to become easier to work with.

2. The bank will want to see all documentation on your income and assets.

3. Short Sales do not always go fast. They can drag on for 3-6 months. However, you can still live in the home for free during that time.

A short sale is a good option for most homeowners. It allows you to get rid of the debt and move on with your life. Many people rent another home for less than their mortgage payment.

In one example, a homeowner in foreclosure found a larger home with a garage. It even had a fenced backyard for their kid. Their mortgage payment was around $1,500.

They rented the nicer, bigger house for $850 a month and saved $650 a month. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at rick@rickgiese.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me Rick Giese at Toll Free1-800-274-5656

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.www.miforeclosurehelp.com/

Thinking about a loan modification? Our Southeastern Michigan loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. www.miforeclosurehelp.com/

Visit My Short Sale Website www.miforeclosurehelp.com/

Rick Giese and his Short Sale Team Sell Tim's Lake St Clair Chase Mortgaged Home: http://www.youtube.com/watch?v=V_-CA00ano8&list=HL1346010...



Thanks for reading this, Rick Giese.

Rick is a Real Estate Associate Broker at RE/MAX Advisors. Macomb, Oakland and Southern St Clair Counties Short Sales Realtor:

Phone: 1-800-274-5656. rick@rickgiese.com.

Rick Giese specializes in loan modification assistance and short sales in the Macomb, Oaklandand southern St Clair County Areas of Michigan. MacombLoan Modification Help, MacombShort Sale Help. Oakland Short Sale Help Macomb and OaklandCountyMIour services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County

IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.