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With the economy the way that it is these days sometimes bad things happen to good people.
Short
selling a house is an alternative way to sell a home. A short sale,
also known as a pre-foreclosure sale, happens when a lender accepts a
lower amount for the house than the mortgage the house has against it.
These sales are not easy to complete and it does require a
knowledgeable team on your side to help you, but is becoming more and
more common.
There are qualifications that have to be met in order for your home to be sold through a short sale:
- You are in default or near default status with your mortgage
- The value of your home has dropped
- You have fallen on hard times.
- You have no other assets to pay the difference of the short sale
This
is a good alternative to foreclosure. There are still credit
ramifications because it does appear on your credit report – but it’s not a foreclosure.
And, sometimes, when you are able to sell your house in a certain
manner, you may be able to purchase another house within a couple of
years – this is something you definitely can not do with a foreclosure.
Most
people aren’t even aware that this opportunity exists. This option is
not ideal – losing a home never is – but it can help preserve dignity
through a stressful situation.
Webster
Team Real Estate would like to work with you to help sell your home
through a short sale. If you have reached a point where your mortgage
payments are hard to make every month and you are moving towards
default status on your loan contact Webster Team to discuss your
options.
Also,
make sure your friends and family are aware of this home selling
alternative. They may not know that there is a way to get ‘out from
underneath’ their home. This is a wonderful alternative to the bright
orange and green stickers stuck to the front door and windows of a
foreclosed home.
Webster
Team continues to be here to work with our clients to find the best
possible solution fortheir housing needs, in good times and in bad.
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