Selling your house can be a long and confusing process if you are unaware of what steps you need to take. Because of this, many property owners face struggles and issues actually getting their home ready for sale and paying off their fees in time. Thankfully, the short sale system has come to save the day.
If you want to sell your house fast during a short sale, then Elevation Property Group has your back. Reach out at 423-226-4770 to see how you can get cash for your house in Johnson City and see just how easy it can be to sell your home.
What is a short sale?
Before getting into how to go through a short sale effectively, we first need to know what one is. In its most basic form, a short sale is when you sell your house for less money than is left on your mortgage. This is a popular choice for homeowners who may not have enough money to fully fulfil their mortgage payments and want to get some money. To help you understand how to get the most out of this process, let’s look at some things to know when going through a short sale.
Important things to know
Your credit score will be hurt
When you look to short sell your home, that means that there will be a difference between the price of the home you are selling at and what the mortgage is valued at. Whether it is a few hundred or a few thousand dollars, there will always be a difference in a short sale. Because of this difference, you are not paying the full amount owed and this will be reflected as a negative on your credit score. On the Brightside, this is not as much of an issue as a foreclosure.
When you look to enter a short sale, the process can take quite some time. Because of this, you need to have the necessary documents and paperwork available to show your lender. When you provide your lender with the right documents and you come prepared, the entire process will flow more smoothly and with less friction for all parties.
Understand your options
Just because you are not in a position of much power doesn’t mean you don’t have options. If you are looking for alternatives to a short sale through your bank, you can often get private mortgage insurance or loan modification. While these are not absolute freedoms that will save your home from sale, they can help if you are going through a difficult time and just need to recover and get back on track.
No matter where you are in the home selling process, there are always options for you to sell your home. At Elevation Property Group, they will buy your home for cash with just a few checks and phone calls to make sure you qualify. Reach out today and see how much you can get for your home.