Get Help Selling Your Home With a Short Sale
A short sale is a transaction in which the homeowner sells their property for less than what they owe on the mortgage loan. It’s an alternative to foreclosure and often allows the owner to avoid a deficiency judgment or other credit damage. However, it’s a complicated process for both parties involved. In order for a short sale to be approved, the lender must agree to take a loss on the property. Get Help Selling Your Home with a Short Sale.
Lenders will generally only agree to a short sale if they’re confident that the property is worth less than what the borrower owes on the mortgage loan and that the homeowner can’t afford their current monthly payment. This is why it’s so important to have an experienced real estate agent on your side with experience in short sales.
The Benefits of a Short Sale: Why It Might Be the Right Choice for You
Getting started on a short sale can be a long process that could take several months. To speed up the process, it’s a good idea to get preapproved for a mortgage before you start shopping. This will demonstrate that you’re a serious buyer and may increase your chance of approval.
Once you find a property, make an offer just like you would for any other home purchase. You’ll need to provide a hardship letter explaining your financial constraints and you should submit proof of loan preapproval. It’s also wise to include contingencies, such as a home inspection and the approval of a lender to complete the sale, in your contract.…