What Is A Short Sale
What is a short sale? How do I know if I should short sell my house? What are the benefits of a short sale? Do I even qualify for a short sale? These questions are common for people exploring the possibility of short sale.
If you find yourself wondering any of these questions and don’t know where to begin, trust the short-sale realtors at EZ Short Sales to answer all of your questions and walk you through the short sale of your home. From the first steps of putting your house on the market, to the process of finding a buyer, and through the final negotiations with your lender, our short-sale realtors are ready to help.
If you’ve been trying to escape the weight of mounting mortgage payments without enduring the damaging credit effects that come with a home foreclosure, short selling your home is the perfect option. Call us today to begin your short-sale process with a free home evaluation.
What is a Short Sale?
A short sale happens when you owe more on your mortgage than the amount your home is worth at today’s fair-market value. When you are upside down on your mortgage payments, the best option is trusting the real estate agents at EZ Short Sales to help you through the short sale process and avoid foreclosure.
In a short sale, the real estate agent negotiates with your bank to accept less than the balance remaining on the mortgage. For example, if your home is worth $400,000, and you have a mortgage balance of $500,000, then you will be $100,000 short when you try to sell your home. That’s where the real estate agents at EZ Short Sales come in to help negotiate with the lender to agree to the short sale.
Do I Qualify for a Short Sale?
In order to qualify for a short sale, two things must be true. First, your home must be worth less than the balance of your mortgage. Second, you must show that you are experiencing some kind of financial hardship, including:
- A dramatic drop in income
- Recently losing your job
- Missing multiple mortgage payments consecutively
If you’re on a steady road to foreclosure and have trouble making your mortgage payments, you are likely a perfect candidate for a short sale.
What is the Process of a Short Sale?
The first step in pursuing a short sale is speaking with the knowledgeable short-sale specialists at EZ Short Sales. We can run a home evaluation of your property and determine if you qualify for a short sale within the requirements listed above.
If you qualify, your home will be put on the market and buyers will present their offers to you and your real estate agent. After accepting the highest offer, your real estate agent will submit the offer from the buyer along with the short sale application to the lender. The process can take between one and four months to complete, but you can usually complete the process with little out-of-pocket costs. Contacting a short-sale specialist like those at EZ Short Sales ensures you have the best opportunity to short sell your house.
What are the Benefits of a Short Sale?
The benefits of short selling your house rather than foreclosing it are plentiful. The biggest benefit is the lighter toll on your credit score. When you short sell your home, the lasting effects impact your credit score for only two years. If you were to go through foreclosure, however, the intensity of those credit dings would be greater and last up to seven years.
In addition, many lenders are now offering move-out assistance to homeowners going through short sales. When you follow through with a short sale and avoid foreclosure, it benefits the bank or lender, too. Rather than forcing the lender to go through the time-consuming, expensive process of repossessing the home, they only have to focus on the new homeowners. Everyone wins with a short sale!
More Info on Your Short Sale
The best way to ensure you receive the specialized care for your unique short sale situation is to speak directly with a short-sale specialist from EZ Short Sales in your area. Since every circumstance is unique, ensure you are receiving the guidance you deserve from us. Call us for more information on short sales today.