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Short vs. Traditional Real Estate Sale, Which Way to Go?

Owning a home is a dream that many people have. It requires you to save a lot and have great discipline. Of course, it would not also hurt to have a good credit score. However, there might be some that might turn your dream into your worst nightmare.

For example, you might lose your job or an extra family income, interest rates might shoot up, or you might be required to take on more debt. To keep yourself in check, you should consider the various available homeownership options. And in picking the most favorable option, Trademark HomeBuyers in Charleston, WV, will guide you through the short sale process and traditional real estate to make an informed decision while selling your house.

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Two people talking about a home for sale and its price

Short Sales vs. Traditional Sales

Property sales are usually divided into three primary categories. It might fall under short sales, traditional sales, or foreclosures. Each of the methods has pros and shortcomings. We take a deeper look into traditional sales and short sales.

 A woman standing in front of a home holding a “Sold” sign.

The Short Sales

In the short sale method, proceeds of the sale do not fully pay off all loans. To facilitate a short sale, you, as the seller, will need approval from your lender. You will need to present a ‘hardship letter’ to lenders, highlighting the sort of ‘hardship(s)’ you are encountering. Everyday hardships among sellers include injury, employment loss, illness, spouse death, divorce, childbirth, and other factors that might lead to unprecedented expense increases.

Advantages of Short Sales

  • Financing terms are favorable

  • Reasonable pricing

  • Cooperation with homeowners

A beautiful home with a “For Sale” sign in the front yard.

The Traditional Sales

The conventional methods of property sale involve the seller and buyer agreeing on selling the property in question for a particular price. As a seller, you do not necessarily want to sell your property in this market. However, various reasons might force you to sell, typically divorce, relocation, death, among other personal reasons.

Disadvantages of Traditional Sales

  • Lack of professional assistance

  • Less marketing skills

  • Limited knowledge of the real estate market

Conclusion

Trademark HomeBuyers in Charleston, WV, takes care of all your paperwork concerning real estate transactions. We help you evaluate sales offers and write counter-offers, which you would otherwise need to do on your own. Thus, we enable you to make the best decision regarding your property.

Contact us today.