You’ve heard the term short sale, right? But what exactly is it? And what are the benefits to a short sale in Tulsa? Keep reading to find out more information if your home is facing foreclosure or if you’re behind on your payments. And most importantly, we can help you with your home fast!
What is a short sale and why would that route be better than foreclosure?
A short sale in Tulsa can be a good option when facing the possibility of foreclosure. It’s a way of avoiding foreclosure in Tulsa if your lender is willing to accept less than what is actually owed on your mortgage, which leaves you with less financial burden. That’s certainly a benefit and a better option than foreclosure!
Credit worries
Foreclosure can lead to additional financial difficulties, including the inability to get a new loan for the time that it shows up on your credit, which is usually 7 years. Since it shows up on your credit for 7 years, obtaining any type of loan or even renting a home can prove to be challenging during that time.
A short sale actually pays off the debt, unlike a foreclosure. This is less harmful to your credit score since a short sale only shows up as a pre-foreclosure status, whereas a foreclosure is much more damaging to your credit score.
Buying a new house
Foreclosure can make it nearly impossible to get approved for a new home loan for those 7 years. That’s a long time!
Another benefit to a short sale is that you can typically apply for a new home loan only 2 years after filing for a short sale. Most mortgage companies are more likely to approve a new mortgage after a short sale history than a foreclosure history.
Of course, each lender is different so be sure to shop around! There are many good Tulsa lenders to choose from.
Fees
Usually with a foreclosure, the bank will tack on additional fees. Clearly, this can make the process more painful and even more damaging.
Even if you’re upside down or “underwater” with your house (meaning you own more than what the house is worth), banks may be willing to agree to a short sale. With short sales, the banks typically just want to get the mortgage and house off the books and won’t always charge additional fees.
We are here to help! If you’re facing the possibility of a Tulsa short sale or foreclosure, give us a holler and we will do our best to help you! 918-297-6222
Getting a short sale
If you’re considering looking into a short sale, you may want to consider hiring a real estate attorney who has experience in these situations.
If you aren’t sure who to contact or just have some questions, give us a call and we’d be happy to talk! There’s no obligation and we won’t charge you anything to discuss your situation and discuss some of your options.
In some situations, we are able to buy the house from you and avoid the hassle! We buy houses fast in Tulsa, Broken Arrow, Jenks, Bixby, Owasso and all the surrounding areas.
This website does not provide legal advice and does not create an attorney-client relationship. If you need legal advice, please contact an attorney directly.
