If you run into financial trouble or encounter issues when trying to sell your home, you may want to consider talking to a short sale real estate agent. Real estate companies in Atlanta can sometimes use short sales to help you sell your home if you are in danger of going into foreclosure. There are many circumstances that warrant a short sale. Keep reading if you are interested in your own 101 guide to short sales.
What a Short Sale Is
A short sale occurs when an individual has a remaining balance on a mortgage but sells the home for a smaller amount. While a short sale can be helpful for many different people and in a wide array of situations, your mortgage company must agree in order for a short sale to be completed. Individuals typically seek short sales when the amount that they owe exceeds the total value of the home. People may also utilize short sales when they realize that they are unable to afford their home or cannot keep up with their mortgage payments. A short sale can help these people relieve their financial strains and find a more suitable living situation.
Short Sale Process
You must qualify for a short sale in order to go through with the process. If you are eligible for a short sale, you will need to work with your real estate agent to determine a sale price for your home. The two of you will also discuss your financial information and any offers that may have come in, and then decide on terms of sale. You and your real estate agent will then finalize the sale of your home with the buyer and his or her real estate agent.
Short sales are helpful for individuals who are in a significant amount of debt. This process can reduce that debt and prevent you from having to foreclose your home. A short sale can be an excellent first step in turning your credit around, and it can prepare you to purchase a new home, apartment, or living space sooner.