For many people, their home is their biggest investment. It's where they raise their families and build memories. So when life throws them a curveball and they find themselves in foreclosure, it can feel like the end of the world. But there is hope! A short sale may be a viable option for you. In this blog post, we will cover what a short sale is, how to use it, and how it may benefit some people. We hope this content helps you get through a difficult time!
What are the differences between a Short Sale and Foreclosure?
What is a Short Sale?
A short sale is when a homeowner sells their home for less than the amount they owe on the mortgage. This can be a great option for people who are facing foreclosure but still want to keep their credit intact. A short sale can also help you avoid having a foreclosure on your record, which can stay with you for up to seven years!
What is a Foreclosure?
A foreclosure is when a homeowner fails to make their mortgage payments and the bank seizes the home. This will stay on your credit report for seven years and will make it difficult to get approved for new loans.
How can a Short Sale Benefit You?
A short sale can help you avoid foreclosure and keep your credit intact. It can also help you move on from a difficult situation and start fresh. If you are facing foreclosure, we encourage you to reach out to us at Stats Buys Houses. We would be more than happy to talk with you about your options and see if a short sale is the right fit for you!
How to Short Sale your house
Contact your Lender
If you're considering a short sale, the first step is to contact your lender. They will need to approve the short sale and provide you with a list of documents that you will need to submit. Once you have gathered all of the required documentation, you will need to find a real estate agent who is experienced in short sales. This is important because the short sale process can be complex and you will need an experienced agent to guide you through it.
Find a Real Estate Agent (with Short Sale experience!)
Once you have found an experienced real estate agent, they will help you determine a fair market value for your home. This is important because the lender will only approve a short sale if they believe that the home is being sold for a fair price. Once you have determined a fair market value for your home, the agent will list it on the MLS and begin marketing it to potential buyers.
Receive and Review Offers
Once an offer is received, the agent will submit it to the lender for approval. The lender will then review the offer and decide whether or not to approve it. If the offer is approved, the short sale will go through and the homeowners will be released from their mortgage.
Still need help?
While a short sale may not be ideal, it can be a great option for people who are facing foreclosure. It can help you keep your credit intact and avoid having a foreclosure on your record. If you're considering a short sale, be sure to contact an experienced real estate agent who can guide you through the process. If you are in the Cincinnati region, reach out to Stats Buys Houses for help finding an agent.
Do you have any questions about short sales? Leave them in the comments below and we will do our best to answer them!
Comments