Working in the real estate industry here in the coastal regions of both Delaware and Maryland, we’ve had a front row seat to a lot of different and dynamic challenges in 2020. Some have been good, many have been bad, all have been as unique as the year itself has been.
While there’s no arguing the fact that the coastal region’s real estate market is white hot right now, with many properties selling almost immediately upon being listed for sale, there are also a lot of people struggling financially due to the coronavirus pandemic that’s swept through our country this year.
It’s been a difficult year for many. We wish that wasn’t true, but it’s undeniable.
Many have lost their jobs, at least temporarily, businesses are struggling to adapt to the “new normal,” if you will, and money is being stretched much further than it once was.
In the world of real estate, many have lost their homes to foreclosure with countless others struggling to keep up. But there is another option, and that’s the possibility of selling your home via a short sale.
We’ll go into more of the ins and outs of short sales in just a moment, but first take a moment as Oldfather Group Founder and CEO Dustin Oldfather explains this issue via the short three-minute video below.
Okay, let’s go over a few of the benefits of selling your home via a short sale. Dustin explained things pretty well in the video above, but we’ll hit a few of the highlights just the same.
The biggest advantage to selling your home via a short sale pertains to your credit. Obviously, no one wants to get in the kind of serious financial peril where they have to consider these types of options. But life happens, and nothing goes according to plan 100 percent of the time.
If you get to the point where foreclosure is all but inevitable, a short sale is a much better option. Yes, you’re still going to take a hit on your credit, but it won’t be as bad as the one you’ll face after a foreclosure takes place.
As Dustin mentioned, banks don’t like to foreclose on homes if they don’t need to because of all of the additional risks and costs they’ll incur along the way. They’d much rather work with you in organizing a short sale, which quite honestly can benefit both parties greatly.
The bank will have their appraiser come out to look over the property and they’ll then agree to take a percentage below that amount via a short sale. So if you can sell the home for that agreed upon price or more, you can walk away from the home with only a minor hit to your long-term credit rating.
If you’re behind on your mortgage and unsure of your options, call the Oldfather Group today at 302-260-2000 and let’s discuss your situation and what the best path forward may be for you and your family.
We realize challenges arise in life and we’re here to help. Give us a ring today and let’s have a chat!