The Basics of a Short Sale
Life challenges like loss of income, unemployment and rising debt can result in not being able to afford your home. In such a case, you may qualify for a short sale. The short sale process can help you avoid a foreclosure. At RDU Home Buyers, we will help make your life easier by selling your home at a fair price fast.
What is a short sale and how can one qualify?
When you take a mortgage and are unable to pay for it in full, a pre-foreclosure or short sale is an agreement with the lender that allows you to sell the property for a lower amount than the remaining balance. The mortgage company can agree to a short sale depending on the situation you are facing.
You may be eligible for a short sale if:
- You do not qualify for refinancing or modification of your loan
- You are facing a serious hardship that is likely to affect you in the long term such as medical illness
- You are behind on mortgage payments
- Your mortgage remaining balance is much more than the home’s worth
- You have tried to sell the property at a price that covers the remaining balance of your mortgage but failed
- You are no longer able to make payments on your mortgage due to hardships like bankruptcy, divorce, separation, failure of business etc
How you can benefit from a short sale
Borrowers are usually required to prove hardship before the short sale is approved. Hardship situations are those that force you to no longer afford paying your mortgage payments. Instead of facing a foreclosure, most homeowners opt to apply for a short sale because of the following reasons.
To reduce or eliminate mortgage payments
To stay away from the negative impacts of facing a foreclosure. Short sales are considered a better option for most families (After completing a short sale successfully, you may qualify for another mortgage at a reasonable interest rate in as little as 18 months. A foreclosure can take up to 7 years before you are able to take another mortgage)
To qualify for a relocation assistance fee of up to $3000
How RDU Home Buyers can help
If you already qualify for a short sale, the biggest mistake is to wait any longer to sell your home. Contact RDU Home Buyers today and get a fair cash offer for your property. We are willing to work with you to sell your home fast regardless of its condition.