Selling A House In A Short Sale To Avoid Foreclosure
Selling a house or condo in a short sale may be the best option for avoiding a foreclosure. If you have fallen behind on your mortgage payments due to a reduction in your income, a job layoff, medical reasons or other financial obstacles you may want to consider a short sale instead of just letting your home go into foreclosure.
What is a short sale? A short sale is entered into when a homeowner facing financial distress lists their home with a real estate agent experienced in doing short sales. When an offer to purchase the home is submitted by a potential buyer the contract is made contingent upon the approval of the mortgage holder or holders accepting a payoff which will not payoff the entire balance owed on the mortgage or mortgages. The term short sale comes from the concept that the lender will accept a short payoff to allow the sale to proceed rather than continue with the foreclosure process which may cost the lender tens of thousands of dollars.
There is no cost to the homeowner to do a short sale. The bank pays all of the fees associated with selling the home. A short sale is not a typical real estate transaction, it has more details and obstacles to navigate. It is critical that only an experienced short sale real estate agent handle this transaction. Foreclosure is a stressful process, don’t go through it alone.
Wondering if a short sale is right for you? Contact Eric Lowry confidentially to learn more and get started!
We can assist you with selling a house or condo in a short sale to avoid foreclosure of your home in West Chester, Beckett Ridge, Liberty Township, Mason, Fairfield, Monroe and Fairfield Township, Ohio