If you are one of the many local homeowners who are facing a foreclosure, Everett short sales may be a better option to consider. Each struggling homeowner may have unique circumstances to deal with, and in some cases, a foreclosure may be unavoidable. However, a foreclosure can result in considerable financial loss as well as damage to your credit rating. Because of this, exploring the possibility of Everett WA short sales may be worth your time and effort.
Everett short sales essentially describe selling your home to an interested buyer before the foreclosure is finalized. It may require you to set up a special arrangement with the buyer and your mortgage company, but it may minimize future damage to your credit rating. Furthermore, it may place you in the driver’s seat with regards to the outcome of your real estate dilemma. Many homeowners in the local area who are facing foreclosure owe more money on their mortgage than what the home is worth. The contracted sales price may be for less than the amount needed to pay off the mortgage. In order to make a short sale a feasible option, the seller may need to come out of pocket to reduce the outstanding principal balance, or the mortgage company may agree to writing off a portion of the balance owed. In some cases, both the lender and seller will need to take a loss with the property to make the short sale a feasible solution. Nonetheless, this is often considered to be more beneficial than an outright foreclosure, and you can speak with your lender and your real estate agent about Everett WA short sales.