Top Three Mistakes Homeowners Make Before Short Selling In Alexandria VA
A short sale is a win-win opportunity for under water homeowners to see if their lender(s) will allow the home to be sold for less than what is owned on the mortgage balance. When a financial hardship occurs, it's only natural for emotions to take control. Fear, stress, and worry can start to settle in, but in order to make the most of your short sale opportunity, homeowners should avoid these Top Three Mistakes:
- Vacating the property. When you maintain the property, you increase your chances of getting a higher sales price for your home, thus minimizing the loss to the bank. In most instances, receiving money at closing is contingent upon you continuing to occupy your home. Banks are less likely to offer money to the homeowner if the property is vacant.
- Using credit cards to pay the mortgage. Once you are aware that you have a hardship, talk to your lender immediately. Creating excessive debt is not the solution. Higher credit balances with late mortgage payments will pull down your credit score.
- Waiting until you receive the foreclosure notice in the mail. In some cases, the bank will postpone a foreclosure if there is an offer on your home. A purchase offer in hand is one of the best ways to stop foreclosure on your home. However, for some lenders, the 'point of no return' is when the foreclosure notice is actually delivered to the homeowner.
When you avoid these costly mistakes, you increase your chances of receiving money from your lender for participating in a short sale, and start the financial rebuild process sooner. For more information and to see if you qualify for a short sale, contact your Alexandria VA short sale specialist today.