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!
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 can 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.
Are you falling behind and debating a short sale? Contact us to learn more about the short sale process. Our team of expert Realtors can handle every aspect of a short sale – including listing your home and getting your short sale approved and closed!
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.