If you are having financial pressures and could possibly go into foreclosure, one option you should seriously consider is doing a short sale. When contemplating selling your home or property this may be a viable solution to your problem. Here are a few things you need to know.
A short sale is when the balance owed on the mortgage exceeds the current market value. You (the seller) are usually in a position where paying the mortgage has become a problem, which is prompting a short sale to get rid of the property. The goal is to find a buyer who wants to purchase the property at the market price. This means they have to strike a deal with the lender for approval to allow the sale of the property and release the current lien. This is not as easy as it may sound – you have to demonstrate to the bank or lien holder that your finances are in such dire straits that nothing you do will help you pay the mortgage, making it necessary to sell.
By listing the home at a low price, you may be able to find a buyer quickly.
Short sales are not instantaneous and can take time. Because of that, the right buyer will be willing to go through the process.
This is a win for both you as the seller and the buyer. They will get a home that is intact, and you will be able to work on your financial hardship.
Short sales are not known to be done expeditiously, which questions the term “short sale.” In some instances, you and the buyer may have to wait months for the offer to be approved and the paperwork to be finalized.
Just because a short sale may seem attractive in the beginning, your buyers may not get approved. You could end up back at square one.
There are a number of rules to get the short sale in South Florida to occur in a timely manner. When you need to sell quickly and cannot find a buyer, using a cash buyer could help you solve your problems. Things happen every day. Knowing you can turn to us at Bigger Equity can give you peace of mind knowing that you will be able to sell your home and take care of your financial situation.
One of the advantages with using us is that we make sure your home is in the best condition possible to get top dollar. By using our process, you get more of a profit from your house, whether the home is sold or rented. Our ultimate goal is to make sure you have what you need. In order to get more information on short sales and how we can assist, contact us at: (954) 372-7873.