In difficult times, it can be hard to know the best solution for overcoming financial turmoil. If you are behind on mortgage payments for your Atlanta home or real estate investment, a short sale might be the right option. A property management company in Atlanta can help you decide whether or not this is the best step. Your short sale real estate agent can also guide you through the process of compiling the necessary documents for a short sale package, listing the house, and securing a buyer.
Put an End to Mortgage Payments
There are many reasons that mortgage payments can become unwieldy. Maybe you already tried to refinance or alter your mortgage. Perhaps you owe more than your house is worth. It is also possible that you have tried unsuccessfully to sell your home at a value that would cover your mortgage. If any of these situations sound familiar, a short sale may be your best bet.
When someone fails to make payments or defaults on their mortgage, the mortgage company might eventually decide to repossess the property, a process otherwise known as foreclosure. This eventuality can have a serious effect on your credit score, and it may not even prevent you from owing the deficient balance on your mortgage. It is actually beneficial to both the mortgage company and the homeowner to avoid this costly and time-consuming process. A short sale may not seem ideal, but it is often a better option than foreclosure.
Get Out of Debt
When you have a short sale realtor from a property management company facilitate a short sale on your behalf, there are some benefits. You will be able to reduce or even eliminate the debt you owe on your mortgage. It is also possible to begin work to improve your credit score more quickly than if you had foreclosed on your property. If you are interested in purchasing a home in the future, this route may help you qualify for a mortgage sooner than if you had gone through with a foreclosure.