Myth #1: The West Sacramento
homeowner must fall behind on mortgage payments in order to qualify for a short sale.
Debunked: Years ago this may have
been true, but not now.
- A financial hardship must exist, such as
the ARM (Adjustable Rate Mortgage) increasing in monthly payments.
- Loss of job or income.
- Health or medical issues.
- Extraordinary loss in home value
(which may be considered a hardship).
Myth #2: Banks would rather
foreclose on a property than approve a West Sacramento short sale.
Debunked: Not true. For the banks
it’s all about the money and where will they lose the least amount - short sale
or foreclosure. If the Bank will lose less money on a West Sacramento short sale than on a West Sacramento foreclosure they will take
the West Sacramento short sale plain and simple.
Myth #3: West Sacramento Homeowners
must be pre-approved by their lender to be eligible for a short sale.
Debunked: Absolutely not true. By
and large, most lenders will consider West Sacramento short sale offers if it makes
sense. Remember, for the banks it’s all about the money – where will they lose
the least amount Short sale or foreclosure?
Myth #4: West Sacramento Short sales never close.
Debunked: Obviously not true.
Nationally only about 40 – 50% of short sales close. We close 94% - well above the
national average
Myth #5: West Sacramento Short Sale take months (and
months) to close.
Debunked: Nationally it takes 90-120
days to get a short sale approved. We average 42 days from offer
submission to approval. While we can get it done quickly, we tailor the
negotiations to fit your situation. If your desire is to stay longer we can do
that too.
Next time we’ll talk about myths
6-10.To get a better idea of when your West Sacramento home will be worth what you owe,
log in to www.shortsaleandloanmod.info for a free estimate
or call me today for a free no obligation consultation. Call me today and sleep
better tonight; you’ll be glad you did
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