We Provide Short sale Service in the St. Louis area
A short sale is when a house or property will not sell for more than what is owed to the lender.
For example, if you have fallen behind on your payments because of a major life change (loss of job perhaps), and your lender starts the foreclosure process. If you are not able to stay in the current loan by any other means or you cannot sell your home for what you currently owe the lender, then a short sale will more than likely be the better option.
The overall process is not actually short, typically taking between 6-9 months on average. During this time we handle all of the paperwork necessary to make the process go smoothly. This service is also free of charge.
Pro's and Con's when Deciding to do a Short Sale
You’ve reached a point to where a short sale is your only option, let’s look at the pro’s/ con’s of deciding to or not to move forward with the short sale.
CON’S of not doing:
- Big credit hit to your score and history if a foreclosure takes place.
- Missouri law allows the lender to come back for up to 7 years and try to get any money that they did not receive back from you.
- Hard to get into another loan for the next 7 years.
- Could be hard to find a rental because of credit history.
- Not much time to figure out how to move forward.
PRO’S of doing:
- Credit only effected for a couple of years and the score is effected less as well.
- We negotiate the short sale to require the bank to fully forgive your deficits.
- Difficulty to get another home loan will only be a couple of years.
- Difficulty to get into a rental will only be a couple of years.
- You can stay in your home while the short sale process takes place giving you ample time to save money and make your next move.
Deciding if the short sale process is the right option for you
If you decide to go the short sale route, be sure to give us a call and we can answer any questions you would have.