How Valerie Avoided Foreclosure: Short Sale Springfield MA
Valerie was behind on her mortgage payments and “underwater” meaning what she owed on the house was more than market value. She had a nice house in a nice neighborhood, but she bought at the height of the market and was going through some tough financial times. The house needed some updating and repairs. Her house was worth $140K and she owed about the same amount. After real estate commissions and closing costs she knew she would need to bring at least $10-15K out of her own pocket just to sell the house using an agent and another $20-30K for updates/repairs. Money she simply didn’t have.
To her, her only option was to vacate the property and let the bank foreclose. Valerie knew that this would hurt her credit, but she felt she had no other options. A friend recommended that she research house buying companies and she emailed S&C Homebuyers for a free consultation. We buy houses Springfield MA. After listening to Valerie to fully grasp her situation we knew that a short sale may be in her best interest. With her permission we connected her with a short sale specialist.
The short sale specialist helped her through the process and negotiated with the bank for Valerie. The house sold for a price significantly less than what Valerie owed, but for a price that satisfied the bank. S&C Homebuyers was able make a fair offer to the bank and purchased the property from the short sale listing. The house was renovated and placed back on the market.
Valerie was given relocation assistance money from the bank to move into an apartment. She avoided foreclosure with dignity and saved her credit for the long term.
For a Free Consultation on your house call or write S&C Homebuyers today at 413-314-3583 or SellToSC@sc-homebuyers.com.