When it comes to real estate, there are many ways to sell a home. Some of the most common ways are through foreclosure, short sales, and regular sales. Foreclosure happens when an owner gets too far behind on their mortgage payments and the bank that owns their loan possesses their home and sells it. Regular sales are the process of an owner working with a realtor to list and sell their home. Short sales are slightly more complicated than other types of sales, but they are helpful for many homeowners to know about.
So, What Exactly is a Short Sale in Real Estate?
Let’s say that you are a homeowner that bought a house for a certain amount. When you took the loan out on your house, you had to take the loan out according to that particular amount. However, over time, the price of the home depreciates causing the homeowners to go into debt in order to pay off their mortgage. If this is unaffordable to the homeowners, the bank may agree to accept less on the house than what was due on the loan. Short sales are not as damaging to the seller’s credit as foreclosure is and in some cases, a homeowner may be eligible to immediately purchase a more affordable home.
Why Do Banks Agree to Short Sale Transactions?
Banks often agree to short sales because they have the chance to get a bad loan off their hands and they don’t need to deal with the costly and time-consuming hassle of foreclosure. The process of the bank agreeing to a short sale is not always a fast process, but once the bank agrees to the short sale, they want the house to be sold as quickly as possible. Once the house is sold, most banks will consider the mortgage paid in full.
One thing that is important is that in order for you to sell your home, is that the bank will still want a good offer on your home. You will not be able to sell the home unless the bank accepts the offer as well. This way, you can be assured that you are not selling your home that is well below market value and that you are getting a fair price for your home.
Why It Makes Sense to Sell a Short Sale for Cash
When you are doing a short sale, you want to sell your house as quickly as possible and you don’t want to deal with any of the other costs, such as realtor commissions and closing costs, that are associated with regular sales. When you sell a home to a company such as Fast Sale Florida, the market you can get the best offer for your home and you don’t need to worry about any of the stress of selling your home. When you sell your home to Fast Sale Florida, you have the ability to sell your home within days of contacting us.
