Are you desperate to sell your house? There are several circumstances that make a person desperate to sell their home. These circumstances include a loss of income and the inability to make mortgage payments, a move to a different area or other matters. Perhaps you may ask yourself, “Can I short sale my house?” A short sale is a sale of a property, whether it is a piece of land and/or a house, where the proceeds of the sale are less than the balance owed on the remaining mortgage. It is also known as a pre-foreclosure sale.
Can I Short Sale My House?
Short selling your home is a good alternative to foreclosure when you are unable to sell your house at a price that covers the remaining mortgage payments. Other circumstances include:
- When you are behind on your mortgage payments
- When you are facing financial hardship
- When you owe more on your home than it is worth
- When you are unable to refinance or modify your mortgage
- When you need to leave the area or you can no longer able to afford your home
You may also ask yourself, “What are the benefits when I short sale my house?” Benefits of a short sale include eliminating your mortgage debt, avoiding the negative financial impact of a foreclosure and being able to repair your credit sooner than you can with a foreclosure.
How Do I Short Sale My House?
A short sale process is similar to a normal real estate sale in which you work with an agent. Your mortgage company will also be working with you and together your team will:
- Help gather information from other lien holders and negotiate with them if applicable
- Help you set a price for your home based on the market value
- Review offers of the property that are acceptable
- Once a buyer is in place, agree with the terms of the sale
- Work with the buyer’s mortgage company and real estate agent to finalize the sale
All you need to do is gather your financial information, explain your current situation, contact your mortgage company and a real estate agent.