Home sellers starting the short sale process will many times ask if they should stay in their home or leave while the short sale is in progress. While there are pros and cons to both, I think many times you are better off trying to stay in your home during the process. Read my other article Should I Stay or Should I Go? to learn some of the pros and cons.
I have learned a few things the past year about short sales and the benefits of the home owner living in their home during the short sale process. The advantages are:
- If you are living in your home it may help in the negotiating of a short sale.
- It can be easier to stop a pending foreclosure auction if you are living in your home. Banks sometimes are less likely to foreclose if you are living there, as well as the Attorney Generals office can be utilized to stop an auction, but only if your are living there.
- You can prevent any damage from happening to your home if you are living there that will make your home far more difficult to sell. The two most common problems are frozen pipes and the copper being stripped from your home.
- Homes that are lived in show better (assuming you keep it clean and organized!!) and sell easier than vacant homes.
- Many times a bank will secure a home if it is vacant creating much more work for the short sale agent.
- If you have decided not to pay your mortgage or can’t pay your mortgage you will be living there mortgage free for 6 months to a year and sometimes more!!
While the decision to stay in your home or leave during a short sale can be quit personal, the benefits to staying make it a strong consideration.
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