A bank short sale is not the only way to get out of foreclosure – but it might be the best way. If you’re already in this situation, you’re already straining under intense financial pressure. Much of this anxiety should be alleviated if approved for a short sale, because you’ll be in the best position possible to buy another home.
It’s hard to admit that we may lose our home due to financial trouble, but if we must let it go, avoiding foreclosures should be our primary goal. A bank short sale may be the best way out of the situation – but it’s not the only way out. We could opt for a foreclosure and lose our home, have our wages garnished, owe thousands in unpaid property taxes, and be chased down for years by collection agencies. Don’t forget the destroyed credit. If this scenario doesn’t appeal to us, then we could do a bank short sale and settle all of these issues up front.
A bank short sale can cause high levels of stress and anxiety. It’s easy to feel overpowered by all of the accountants, tax issues, lawyers, forms, legal jargon, and phone calls. This is not even considering the financial difficulties we’re experiencing in other areas. It is in this situation that we must not forget that all parties involved in our short sale are trying to get as much money as they can. They may make surprise requests in the final weeks/days. Prepare yourself for this possibility – don’t be bullied.
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.
A bank is losing money with a short sale and are not necessarily enthusiastic about doing them. They avoid a foreclosure – yes, but their attitude is not to be considered enthusiastic. They can be difficult to deal with at times because they’re trying to get back as much money as they can. For this reason they might not always move as fast as we want – although we know they can. Patience is a valued virtue here – so practice it and keep cool. If you’ve ever had to work with the government you know exactly what dealing with these banks will be like.
The entire short sale process is strenuous and all parties may not agree on every issue – but if we can tough it out, we’ll be the winners in the end. We’ll be successful if we avoid foreclosure and bankruptcy, get our debt forgiven, and come out without any unpaid property taxes. This is why a bank short sale is such a sweet deal. It won’t be perfect, but at least we’ll be in a position to buy another home. Completing a short sale puts us in the best position for the future. No, a bank short sale may not be the only way out, but it is one of the better options!