If you’re looking to sell your home but owe more than it’s worth – a short sale may be the answer you’re looking for!
There is a common misconception that once in a default situation, there is no hope of getting out of it and moving on with your credit still intact. Most homeowners fear a foreclosure when they fall behind on their mortgage. However, there is an alternative that’s not talked about as much, but is more favorable to the homeowner and lender.
A short sale is the sale of a property in which the lender is willing to accept less than the amount still owed on the mortgage. While it may take longer to close on a short sale than a foreclosure, the benefits of a short sale often outweigh those of a foreclosure. Both will also affect your credit score, but a short sale has far fewer negative effects, and you’ll often qualify to buy a new home without having to wait. A foreclosure will stay on your credit report for seven years, and you’ll have to wait five years to buy another house.
Is a Short Sale Your Best Option?
If any of these describe your situation, then a short sale may be the best option for you!
- You need to sell your home but owe more than it’s currently worth.
- You can’t afford your home anymore and are ready or need to move.
- You are behind on mortgage payments.
- You don’t qualify to refinance or modify your current mortgage.
- You are facing long-term financial hardship, such as layoff, relocation, or divorce.
How to Get Help
There are roughly 8,000 homes in default in Connecticut, with only 1.25% of them listed for sale. That leaves over 7,000 people in Connecticut needing help getting out of their current situation and saving their credit.
If you’re falling behind and debating a short sale, let our team of Realtors help you navigate the short sale process. With help from the top short sale negotiator in Connecticut, The Terenzi Team can handle every aspect of a short sale – including listing your home and getting your short sale approved and closed!
Short sales are complex and often require the help of an expert. Let our team of real estate professionals help you navigate your short sale transaction from beginning to end! Contact us to learn more about the short sale process.