Every homeowner in Birmingham should be educated on the options available to avoid a foreclosure. Many options are available for distressed homeowners; however, short sales are becoming increasingly popular due to the short sales many pros and its ability to assist homeowners. Some such pros are cash back incentives, a credit score that suffers far less than one of a foreclosure in and the assistance of a Birmingham short sale specialist at no cost.
Something each and every homeowner worries about is how their credit will be affected once a short sale all is said and done. The truth is a short sale itself may drop your credit score by 50 points, but keep in mind it is the delinquent mortgage payments that do the most damage; each missed payment ranges around 30 points. When you compare a short sale versus a foreclosure, you will see that a foreclosure may lower your credit score by 300+ points and sit on your credit report for up to ten years. After a short sale in Birmingham, your credit will typically recover within two years while usually displaying paid as negotiated or settled in full on your credit report. A foreclosure in Birmingham has the potential to hold you back from a certain career path because it is not uncommon for employers to do a credit check before making a decision.
One of the greatest benefits of a short sale is having an experienced Birmingham short sale Realtor assisting you throughout your short sale. The goal of a short sale realtor is to handle all negotiations on your behalf while working aggressively to get your home sold. A realtor expert in short sales will be able to keep constant and exceptional communication with all parties involved, all while offering their services to you, at no cost; your lender will typically pay all commission and closing costs. There is no reason to let your home in Birmingham go into foreclosure when you have options available and professionals who dedicate their lives to helping distressed homeowner.
Michael is a Real Estate agent at First Coast Realty Associates (License No. ), covering the greater Birmingham area.
Helping Birmingham home owners avoid foreclosure with a short sale.
Michael Linkenauger specializes in short sales in Birmingham .I am your Birmingham Short Sale Specialist Realtor and Birmingham loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.