Buying a property is one of the most satisfying moments that anybody can ever experience. Sadly, unforeseen financial changes can make it impossible to keep up with the mortgage repayments. When this happens, selling the home becomes inevitable – but what happens if you owe more than the house is worth?
It might sound like an unlikely scenario, but it’s far more common than you’d imagine. Should you ever fall victim to those circumstances, a short sale may be the only solution. Urban Housing Property Buyers is here to provide a helping hand through the process. Call our experts today at (503) 604-9452 or reach us online through our convenient contact form.
Why Short Selling?
If living in the home has become financially unviable at a time where you still owe more than the property value, short selling is usually the best option. This can be necessary for many reasons. Perhaps you’ve lost your job, divorced your partner, or experienced a death in the family. Frankly, the list goes on and on.
Even if you bought the house in good faith, those unforeseen circumstances can turn your world upside down. These situations are most likely to occur during the early stages of property ownership. Then again, remortgaging may have also left you in a vulnerable position. Alternatively, the value may have dropped due to market developments or damage to the home.
In truth, the reason behind those struggles isn’t of real importance. The crucial thing is that you find a suitable solution, and fast. Urban Housing Property Buyers can provide you with that solution.
In its most basic sense, short selling is when the lender agrees to accept a payment that is lower than the amount currently owed. This is an alternative to traditional foreclosures. It is often used when lenders think that the time and costs associated with foreclosure will mean that a short sale serves both parties for the better.
Short sell house transactions can get complicated. This is especially true when lenders need to consider the proposal from various areas of management. The short sale process can take weeks or even months, which is why you need experts in your corner to ensure it doesn’t hit any further snags. Our team can assist throughout and inform you about tax consequences and other situations.
When you sell a house through this method, you will not see the money yourself. This is because the lender is taking a hit on the amount they initially lent you. However, taking this option over foreclosure will leave you open to far better options should you look to borrow money in the future. For the sake of your immediate and long-term financial stability, the short sale is the right pathway.
What Is a Short Sale?
Call Us Today to Discuss Short Selling Your House
Lenders won’t wait too long before starting the foreclosure process. Therefore, if you want to avoid that outcome, you must set the wheels in motion for a short sale at the earliest stage possible. Contact us online or by calling (503) 604-9452 and we can point you towards the quickest and best solution.