3 Reasons to Choose a Short Sale For Your Property
Know When To Short Sell in Charleston, West Virginia
In the world of real estate, a short sale is perceived much better than a foreclosure. When a borrower chooses to pursue the short sale process, he or she still has a say in the matter — this much different than in a foreclosure situation, which is nowhere near the case. Trademark HomeBuyers are ready for short sale houses and to close the deal for you, and we’re happy to walk you through the ins and outs of this entire process. Call us today to get started!
What Is A Short Sale?
A short sale process is when a lender agrees to accept a mortgage payoff amount for less than what is owed, in order to facilitate the sale of the property by a financially distressed owner. As a result, the lender essentially forgives the remaining balance of the loan. Depending on your unique situation, this could be a viable financial option, and Trademark HomeBuyers can help make everything more manageable. But before you decide, let's walk through why a homeowner may choose this route.
Why You Should Short Sale Your House
As an adult with overbearing responsibilities, you may be worried about everything happening around you and what others may think. If you sit down and calculate, you can see that foreclosing may bring irreversible changes, such as dropping your credit score. Short selling can be the easier option in these scenarios.
Credit Card Record
With a short sale, you imply that you are selling the house because you do not have the money to make those transactions. This is much better than a foreclosure that permanently goes on your credit record — this can result in no lending loans or mortgages in the future for up to seven years.
Short Sale Disadvantages
That all being said, there are repercussions during the short sale process, including:
Taking up more time than a foreclosure
Banks may put pressure on you to make it a quick process
It may take months before they clear you after a thorough inspection of your accounts and details, which will take the process further
Make The Right Decision With Trademark HomeBuyers’ Help
If you’re still unsure what direction is right for you, contact Trademark HomeBuyers today! Schedule an appointment today and we’ll help you navigate the pros and cons!