In this day of real estate market crashes and you owe more than what your home is valued at, you might qualify for a legal, lender approved solution known as a Short Sale. This can be accomplished by negotiating with your lender to accept a sale of your property to a third party for less than the current balance of your mortgage.
The Short Sale transaction, in today’s soft real estate market, is a viable and sometimes necessary option. It is a legal way of moving outside an “upside down” situation. It is much better than foreclosure or bankruptcy, as typically the credit is preserved or minimally damaged. Lenders are becoming more motivated to accept short sales for a number of good reasons. It can be a “win-win” for all parties…even the lender.
You as the homeowner “win” by getting out of a financial predicament via a clean transaction and a salvaged credit score. Allowing the property to go to foreclosure will typically damage your credit for up to seven years.
The lender “wins” by avoiding timely and costly foreclosure proceedings which could lead to an even more costly expense of being owned by the bank.
The buyer “wins” by purchasing a property at good market value…one that typically has not gotten trashed at this point. Often times, short sale properties are in very good condition, with minimal damage…a “win-win” for all parties!
But with every “silver lining”, there is a dark side…a down side…stay tuned…
Being an entrepreneur has given me a deep appreciation for individuals who are success oriented and never give up. The drive to always “push through” is a trait of successful people.
I have been fortunate to associate myself with many successful individuals over my life. It began with my father who instilled in me the ability to step outside of the box…to create something out of nothing. He taught me the importance of integrity in business...traits that I have incorporated into the various business models I employ.
I spent the first ten years of my career in the medical field. I worked side by side with amazing individuals who put their own self-interests aside in order to nurture others back to good health. Many times I witnessed life and death situations. It was always humbling to experience the team-work that evolved around trying to save a lives.
As my career path evolved into the business world, not only could I bring those experiences into my persona, I saw a need to spread information…real information for real situations. A close friend of mine began to mentor me in aspects of blogging. He has given me incredible insight into how a blog should be developed…how to focus my passion for helping mentor people to becoming successful entrepreneurs. This passion for mentoring others began when I was a young child and continues today. It is not about me, but rather those who have influenced my life.
I am a work-out addict and a real “ski dog”. Sorry guys and gals…I do not “ride”. I live for deep powder and steep chutes. I love the feeling of looking over the edge of a steep run…feel my heart beat faster with that adrenaline rush and then “jump in”. I love golf…but I always wonder if I will ever break 100…lol! Most of all, I love my wonderful family…they are the best! Thanks for stopping by and I hope you feel empowered today.
More posts by
Martin Casper
Pingback: Big Changes in Store for Short Sales | Empower 2 Go | Martin Casper