Quick Guide For Real Estate Short Sales

 

A short sale occurs when the outstanding loans on a property exceed the value of the property. This is a way homeowners can avoid foreclosure and still pay their loans by settling with the lender.

Advantages

The seller is:-

 


  • Banks only need to approve the sale.
  • Knows the person buying his house.
  • You will be free from social stigmatization; foreclosure.
  • The sale of your home will be treated as any other sale.
  • Without going bankrupt, you can get rid of your mortgage debt.

 

The buyer receives the house at a lower price. The lender will accept a loss it considers minimal, without going through foreclosure.

Disadvantages

A short sale can lower your credit score up to 200 points. This is possible if you have one or two credit cards that are current and manage to keep them current. This process can be difficult and take longer than either party would like. A homeowner should contact a short-sale expert as soon as they realize they are having difficulty getting the process started. A Realtor can assist homeowners by working with lenders to get a lower payment amount to help them price their home below the competition and sell it. He can also market your house to help attract buyers, and supervise the entire sale process. Click for more info

 

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