Our Marysville Short Sale Experts can Assist in Your Short Sale Process
Short sales are a form of home purchases that are becoming more common. A short sale is essentially when a home owner can no longer afford to pay their mortgage anymore and the home is worth less than the principal owed on the mortgage. With the real estate crash a couple of years ago, Marysville short sales saw a huge increase. All around the country, short sales have become more common. However, there are several things to keep in mind before selling your home through a short sale or purchasing a short sale. Let the Washington Short Sales Team the Marysville short sales experts help! If you would like a short sales expert to help you with your Marysville short sale, contact Washington Short Sale Team at (206) 852-7026 and speak with a short sale specialist today.
Selling Through A Short Sale
For many families that are under water on their mortgages, short sales are a great way to go. However, there are some repercussions for this over the long term. First of all, a short sale will severely hurt the credit score of the person that uses this method to sell their home. A credit score is vital in the world we live in today, simply because it is a measure of how credit worthy a borrower is. It can take up to seven years for a short sale to fall off of your credit. Therefore, it is important to keep these things in mind before going through with a short sale to sell your home.
Buying A Short Sale
On the other side of the equation, there are several things to keep in mind when purchasing a home through a short sale. First of all, a short sale takes much longer to go through than a typical home purchase. A short sale has to go through a bank and many other institutions so there is a lot of paper work and red tape that a person will have to go through before getting approved. If you plan on purchasing a home and moving in within a couple of weeks, a short sale is probably not the way to go. In addition, short sales are typically less attractive homes than others because many have been vacant for several months. It is important to keep any maintenance purchases in mind when deciding on the price of the home to buy. A short sale might look like a good deal on the surface, but if it requires tens of thousands of dollars in repairs it could end up being much more costly in the long run than a typical home purchase. Let the Marysville short sales experts walk you through the process, contact Washington Short Sale Team today at (206) 852-7026 and speak with a short sale specialist.