With the ability to sell my note easily available through mylisting.com I had some questions that I wanted to address with anyone I could think of who might be interested in a note. The first question I asked was if they had a property to sell. If not, no big deal, but if they had, a short sale was much better for them than a foreclosure.
The main reason for wanting to sell my note, even a short sale, is because of the fees that come with having a home go into foreclosure. When I say fees I am talking about the money you pay each month just to pay the monthly mortgage. All the time and stress in the world trying to keep the house from being taken over by the bank. And it isn’t even the fees that bother me, it’s the fact that the bank will take my house at auction, and then they will go after my pocket.
What I like about the short sale is that there are no fees. This doesn’t mean that I’m going to sit back and let the bank take over my house, as they can do this anytime they want. But I also don’t have to worry about any payments being late, or that I will lose my home.
Now, with a foreclosure, yes, you lose your home. But when I say that, I am not saying that the bank is going to take your home and run, but you do have to hire a lawyer to fight them. Not to mention all the other costs you will incur and legal fees.
The best thing I found was that if I sold my note and didn’t have to pay any of the fees, I would have the option of doing a short sale. There are lots of reasons to sell my note, and I did one myself, but I also bought another property. It’s all about what works for you.
The key to a short sale is finding a lender that is willing to write a note with a lower interest rate. Your loan company will not be willing to take your house because you are already past due. The lender will want a payment on the note that will help them cover their loss. Once you have made sure you have a lender you are comfortable with, the key is finding the right offer.
Since I chose to sell my note and get out of my mortgage, I did a short sale, and the offer was around sixty-five thousand dollars. I think that is reasonable considering the fact that I have never been late on a payment in my life. I gave the seller a choice of either getting sixty-five thousand or a higher amount if the seller would pay a fee for their services.
And since I was able to sell my real estate note with a lot less fees than I expected, I am happy with the decision. Not only was I able to afford a nice home that I really like, but I also have more income to put towards a nice house.