What do short sales mean for home sellers? Check out today’s message to find out.
What is a short sale?
Though this term is often confused with the term “foreclosure,” there’s a distinct difference between them. A short sale is when the home seller can’t sell the property for what’s owed on it, so they have to go through the process of trying to get the bank to agree to accept less than the payoff note.
Of course, no lender is in the business of accepting less than what’s owed on the property, so short sales can be a tedious and stressful situation. A good agent, though, can help guide you on the steps you need to take to qualify for a short sale.
In order to qualify, you have to prove hardship and an inability to make up the difference of the short sale on your own. A short sale is more beneficial than a foreclosure to your credit in the long run, which increases your ability to become a homeowner again in the future. It also preserves a little dignity by allowing you to sell your home yourself and stay in it until the day of closing.
We know that this can be a challenging process, and it can also be a little embarrassing, but a true, professional agent will be there for you not just for the good times, but also during the stressful ones. If you or someone you know is struggling to keep up with their mortgage payments, please reach out to us so we can talk about what options are available to you.
If you have any questions about this topic or you have any other real estate needs at all, feel free to reach out to us as well. We’d love to help you.