A bank short sale is not the only choice we have to avoid foreclosure - but it is definitely better than some of the other possibilities. If a homeowner is already in this position, they are already dealing with intense financial anxiety from every angle. If approved for a bank short sale, much of this stress will be alleviated because they'll be in a great position to purchase another home.
The hardest thing for a homeowner to do is admit the fact that we may not be able to save our home, but if we cannot save it, our primary goal should be to avoid foreclosure. Accepting a bank short sale in lieu of foreclosure is not the only way out - but it may be the best way out. A foreclosure could end up with us having wages garnished, other properties seized, being sued, and harassed for years to come. Not to even mention the damage to our credit. If handled by an expert, a bank short sale could settle all of these issues right now.
Either way, for the layman, a bank short sale or foreclosure can be quite stressful due to all of the complexities involved. There are attorneys, lenders, accountants, complex forms, legal jargon, and the internal revenue service to deal with. On top of that the money is tight on every side. We've got to remember in this situation that all parties involved are trying to get as much of their money as they can - so we've got to be prepared for anything. Banks are well-known for dropping surprise requests at the last second. Don't allow yourself to be pushed around!
By having expert legal advice from the outset, we can avoid many of these last minute surprises. Don't be fooled into thinking you can complete this process without expert advice. A bank short sale involves many aspects of law relating to taxes, lending practices, and real estate. Be sure that you have access to professionals in "each" of these areas. There are services offered by teams of attorneys, accountants, and real estate professionals that will help you complete the entire process - and then get their fees paid by the lenders. As with any service, there are good ones and bad ones - so be careful - but there are some excellent services out available.
Keep in mind is that the bank is not exactly enthusiastic about doing the short sale. Yes, they do want to avoid a foreclosure also, but their attitude towards a short sale is definitely not to be considered positive. They are trying to recoup as much as they can and at times may be rather difficult to deal with. If you keep this in mind, you'll go a long way in understanding why certain aspects of the process move so slowly when you know in your mind that they should be moving faster. Keep a cool head and be patient. It's going to be like trying to work out a deal with the government - they'll answer you when they're ready - and not a second before.
The bank short sale is stressful on all involved, but if we complete it successfully, we'll definitely be the winners in the end. Hopefully, we'll come out the other side with no unpaid taxes, no bankruptcy and no foreclosure. This is why a short sale is so much better than foreclosure. It's a tough process - yes, but in the end we'll still be in a great position to purchase another home. Completing the process prepares us for our new future. A bank short sale is not the only way out - but I'll take it over a foreclosure any day of the week.
The hardest thing for a homeowner to do is admit the fact that we may not be able to save our home, but if we cannot save it, our primary goal should be to avoid foreclosure. Accepting a bank short sale in lieu of foreclosure is not the only way out - but it may be the best way out. A foreclosure could end up with us having wages garnished, other properties seized, being sued, and harassed for years to come. Not to even mention the damage to our credit. If handled by an expert, a bank short sale could settle all of these issues right now.
Either way, for the layman, a bank short sale or foreclosure can be quite stressful due to all of the complexities involved. There are attorneys, lenders, accountants, complex forms, legal jargon, and the internal revenue service to deal with. On top of that the money is tight on every side. We've got to remember in this situation that all parties involved are trying to get as much of their money as they can - so we've got to be prepared for anything. Banks are well-known for dropping surprise requests at the last second. Don't allow yourself to be pushed around!
By having expert legal advice from the outset, we can avoid many of these last minute surprises. Don't be fooled into thinking you can complete this process without expert advice. A bank short sale involves many aspects of law relating to taxes, lending practices, and real estate. Be sure that you have access to professionals in "each" of these areas. There are services offered by teams of attorneys, accountants, and real estate professionals that will help you complete the entire process - and then get their fees paid by the lenders. As with any service, there are good ones and bad ones - so be careful - but there are some excellent services out available.
Keep in mind is that the bank is not exactly enthusiastic about doing the short sale. Yes, they do want to avoid a foreclosure also, but their attitude towards a short sale is definitely not to be considered positive. They are trying to recoup as much as they can and at times may be rather difficult to deal with. If you keep this in mind, you'll go a long way in understanding why certain aspects of the process move so slowly when you know in your mind that they should be moving faster. Keep a cool head and be patient. It's going to be like trying to work out a deal with the government - they'll answer you when they're ready - and not a second before.
The bank short sale is stressful on all involved, but if we complete it successfully, we'll definitely be the winners in the end. Hopefully, we'll come out the other side with no unpaid taxes, no bankruptcy and no foreclosure. This is why a short sale is so much better than foreclosure. It's a tough process - yes, but in the end we'll still be in a great position to purchase another home. Completing the process prepares us for our new future. A bank short sale is not the only way out - but I'll take it over a foreclosure any day of the week.
About the Author:
Anthony Mauwer's short sale advice has helped many homeowners successfully complete a bank short sale. Be sure to take a look at his short sale blog for excellent tips and free advice on how the bank short sale can best work for you.
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