Are you the right canidate for a short sale? How do you know if you are a good canidate for a short sale, or better yet what is a short sale. Let me see if I can inlighten you about what it is. How it works, and if it is the right choice for you.
A short sale is just like the name emplys. It is selling a home for "short" of whats owed on it. Yes this means less than the mortgage. Now why would you do that? Well the most comon reason is to avoid losing your home due to forclosure. Selling your home by short sale only stays on your credit for 2 years versus 7years with forclosure. Many people think that you have to be behind on your payments or on the verge of foreclosureto quailify for a short sale, but this is untrue. You don't even have to be behind in your payments. You just need to show is hardship. Whether it is you are unable to make your payments due to loss of income, or you need to move for work, but your home is no longer worth what is owed on it.
There are several ways to qualify and several different ways to short sale a property. It is very important that you speak to a real estate professional that is excperianced in the proccess. If it is done right you may not owe anything in the end.
If you think you may be helped by the short sale process please contact me asap, because no matter what a short sale takes time, sometimes several months. The sooner the process is started the better.
Have a great day,
Chip Carnes
REALTOR
Coldwell Banker Legacy Real Estate Group
753 Bakerfields Way, Suite 102
Bowling Green, KY 42104
(270) 782-2250 Office
(270) 843-8780 Fax
(270) 792-5824 Cell
chip.carnes@coldwellbanker.com
Comments(2)