A short sale is when a homeowner sells their home for less than they owe on it. This can happen for a variety of reasons, including job loss or financial difficulty. If you’re considering buying a home but are worried about the amount of money you’ll have to put down, you may want to consider the benefits of a short sale before making your decision.
The Benefits of a Quick Sale
A quick sale on your house can save you a lot of time and hassle. It’s particularly helpful if you’re going through a divorce or you’re having problems with your mortgage payments.
The most important thing to remember when selling your house quickly is to get a fair offer. There are several ways you can do this, including hiring a real estate agent, getting an online cash buyer or selling directly through an auction company.
When choosing a real estate agent to work with, make sure you choose one that has experience with short sales and foreclosures. This is because they’ll be able to help you negotiate with your lender and make sure the sale goes smoothly.
You’ll also want to be sure the agent has a good reputation in the community. If you’re a first-time buyer, find out if your agent has had any previous complaints filed against him or her. Read more https://www.readyhousebuyer.com/sell-my-house-fast-burleson-tx/
In addition, make sure the agent is licensed and certified. A reputable real estate agent will be familiar with the laws and regulations in your area and can give you accurate, honest advice about what the best route is to take.
Before you commit to a sale, make sure the lender has accepted your offer and will accept it in full. If not, you’ll have to start the process over again. This can be frustrating, especially if you’ve spent time and effort looking for the perfect house to buy.
Credit Score Damage and Delay in Obtaining Another Mortgage
The worst part of a short sale is that it can have negative consequences for your credit rating. The number of points your score will drop depends on your situation, but short sales tend to damage your credit score much less than foreclosures.
A short sale can also delay the process of obtaining a new mortgage, which can cause serious financial problems in the long run. Even if you qualify for a new mortgage, it can take up to two years before you can obtain one. If you’re a firsttime homebuyer, this could be a devastating experience, so it’s important to do your research before you make any major decisions.
Finding a Short Sale:
Before you buy any home, check public records to see whether any of the homes in your search area are currently listed as short sales. If they are, you can contact the homeowner’s bank to find out if they’ve made a deal on the property and are willing to release it to a short sale buyer.