The recent struggles that the housing market has engaged in has put many homeowners in a peril in which they never thought they would be. Due to many losing their jobs, divorce, and or sickness some people have found themselves facing Foreclosures in Oklahoma. While this can be a daunting place to be, there are some measures that the homeowner can take which will prevent this from happening. One of these is a OKC Short Sale.
When a homeowner approaches the bank or lender and asks for a OKC Short Sale on their home, they are essentially asking to put their home on the market for less than they owe. This is usually because the value of their home has significantly fallen below what they purchased the home for. If the bank approves the OKC Short Sale, the homeowner can then find an agent and market the home.
The hopes of the homeowner and the bank are that the significantly lowered price will quickly attract a prospective buyer. This will give the homeowner the ability to get from under a mortgage which they can no longer afford as well as save the bank from having to go through the foreclosure process.
A short sale is also better for the property values of the surrounding homes and housing market in general. This keeps the home from sitting vacant for an extended period of time, while the foreclosure is taking place. Empty or abandoned homes can have a negative impact on the surrounding area, as well as be a haven for vandals, drug addicts and more.
By engaging in a OKC Short Sale, the homeowner can be assured that a foreclosure will not appear on their credit. While the banks can choose to file a deficiency judgment to recover the difference between what is owed and what received during the short sale, most banks choose not to. This just represents another cost or investment that the bank would have to make into the property. The more money that the homeowner is able to get during the short sale, increases the chances that the bank will not file. For more information visit us at W Properties.
