A bank short sale is not the only choice we have to avoid foreclosure – but it is definitely better than some of the other possibilities. If a homeowner is already in this position, they are already dealing with intense financial anxiety from every angle. If approved for a bank short sale, much of this stress will be alleviated because they’ll be in a great position to purchase another home.
The hardest thing for a homeowner to do is admit the fact that we may not be able to save our home, but if we cannot save it, our primary goal should be to avoid foreclosure. Accepting a bank short sale in lieu of foreclosure is not the only way out – but it may be the best way out. A foreclosure could end up with us having wages garnished, other properties seized, being sued, and harassed for years to come. Not to even mention the damage to our credit. If handled by an expert, a bank short sale could settle all of these issues right now.
For the average borrower, the complex issues of a bank short sale cause high anxiety. The new terminology we experience, the lawyers, tax forms, and all of the new issues that arise can be quite overwhelming. This is in addition to our other financial difficulties. No matter how stressful things may seem to us, we cannot forget that every party involved in this short sale process is trying to recoup as much money as they can. Don’t allowed yourself to be bullied. Bankers love to drop in last second requests. Be prepared for them.
We can avoid these last second surprises by having expert advice from the beginning. Do not try to complete a bank short sale without expert advice. You’ll experience many aspects of law relating to your property taxes, your loan, and your property. You’ll need an expert in “each” of these disciplines. If you look you’ll be able to find local services that offer the expert help of lawyers, CPA’s, and real estate agents – who’ll be reimbursed by the lenders. There are good ones and bad ones out there – so be careful.
Keep in mind is that the bank is not exactly enthusiastic about doing the short sale. Yes, they do want to avoid a foreclosure also, but their attitude towards a short sale is definitely not to be considered positive. They are trying to recoup as much as they can and at times may be rather difficult to deal with. If you keep this in mind, you’ll go a long way in understanding why certain aspects of the process move so slowly when you know in your mind that they should be moving faster. Keep a cool head and be patient. It’s going to be like trying to work out a deal with the government – they’ll answer you when they’re ready – and not a second before.
Although a bank short sale is a tenuous process and all parties may not always see eye to eye, in the end, we’ll be the winners. We may lose our home, but we’ll be considered winners if we can get the debt forgiven, come out without any unpaid property taxes, without a bankruptcy, and be free and clear. This is the beauty of a bank short sale. It’s not all roses – no, but the ultimate objective is to end up in the best position to purchase another home. The successful completion of this process puts us in a great position to succeed in this area. A bank short sale is not the only way out – but it is definitely one of the best ways!
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