A Randolph County short sale could be a great deal for the buyer. But little to us knows that it could also benefit the seller. Just because a seller does not profit from a short sale doesn’t mean that the seller won’t benefit from a short sale. Being able to get rid of a Randolph County home that’s underwater helps the seller to avoid the lasting damage on his or her credit rating from a Randolph County foreclosure.
But a short sale can still cause some damage to a seller’s credit – if the seller allows it. In cases where you need to short sell your home; you must learn the steps to protect your credit score. If you take these steps in improving your damaged credit score after a Randolph County short sale, it will allow you to re-enter the market and buy a new home sooner than you expect.
1. Write a plan on how you will pay all your loans and credit accounts monthly. They say a goal not written is only a wish, so it is important to really put your plan in writing. If the total amount is way beyond your budget, you could try and contact the lenders and ask them to reduce the monthly payment amount. You can help repair your damaged credit significantly by paying on time.
2. Apply for a credit card that is secured. You may think it would be wiser to just use prepaid cards or debit cards to avoid getting into more credit trouble, but this actually does not help rebuild your credit. Apply for a credit card with a deposit, and then only use it to purchase items that you know you can repay on time.
3. Pay your monthly expenses and bills on time. This includes your rent, medical bills, insurance, and all other accounts. The best time to be thrifty and to downsize is immediately after a Randolph County short sale, but you still need to maintain certain accounts like rent and bills open. Again, the key is making your payments on time consistently.
Whether you have experienced a Randolph County short sale or not, if you are planning on buying a home in Randolph County NC, contact me. I could refer you to a good mortgage broker so we could see how close you are to owning your new Randolph County NC home!