What Is a Short Sale?
Sometimes, when you need to get out of your home quickly, a short sale is the answer. A short sale lets you price your home so that it is very attractive to buyers and may even help preserve your financial future in the process. Short sale agents are the best source of information about how a short sale could help you. These real estate agents can help you evaluate your situation and determine if a short sale is right for your property. This information will also help you make your decision.
Short Sales Explained
If you sell your home for less than you owe on your mortgage, the deal is known as a short sale. Short sales are different from foreclosure sales and sales on REO—real estate owned—properties. With a short sale, you still put your home on the market with the help of a real estate agent, and buyers still make offers as they would during a normal sale. The big difference is that short sale agents have to work to get the approval of the buyer, seller, and mortgage company before the deal is closed. The mortgage company must agree to settle the debt for less than is owed before a short sale can be completed.
Short Sale Benefits
For buyers, shorts sales are great opportunities to get an excellent deal on a home. For sellers, short sales are a way to get out of debt, avoid foreclosure, and get a fresh financial start. If your mortgage company agrees to accept a short sale, you won’t have to pay the remaining balance on your mortgage, and you won’t have a foreclosure on your credit. Although a short sale will negatively impact your credit score, some lenders are willing to report short sale accounts as “paid in full” instead of “settled,” which will minimize your score damage.
Short Sale Process
If you are interested in a short sale, start by contacting a short sale real estate agent near Atlanta. Your short sale realtor will help you put together a package to pitch your short sale to your mortgage company. Next, your agent will help you find a buyer, get final approval from your lender, and close the deal.