A Chandler Short Sale could Save You From Foreclosure
In today’s market foreclosures have become so common that many people are starting to hear the term “short sale” a lot more often. Before you purchased your house you saved and saved up all your pennies, did your research on what was the best option and how much you could afford. You made a purchase and were excited and happy in your new home until the market took a nose dive.
Now your house is worth less than what you owe. You begin to feel the pressure of a mortgage payment you can’t really afford anymore. Do you have to think about foreclosure?! It’s almost embarassing! You’re not alone. We want to suggest another option to Chandler foreclosures that may be a possibility you didn’t know about. If you owe more on your home than the home itself is worth, consider a short sale.
The official definintion of a short sale is as follows… “A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan.” It often occurs when the original buyer/borrower can’t pay the loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. However, the borrower can be current on their paymens and still do a short sale. Both parties consent to the short sale process, because it allows them to avoid foreclosure or just get the property sold, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.
Selling your home in Chandler for less than you owe-Is a Chandler Short Sale Right for you?
If your scraping every month to make the monthly mortgage payment and you think you won’t be able to do it for much longer, then you might want to consider selling your home quickly. Explore the option of a short sale before foreclosure is too close on the horizon. A lender may be more willing to agree to this business decision if they can see you’re unable to sell your home. They would rather not incur the expenses involved with foreclosure and taking ownership of your property and then marketing it once again.
These days there are a lot of people who have experience with buying homes through a short sale process. Some homebuyers may be interested in a Chandler short sale for investment purposes. Other homebuyers are just looking for a good deal on Chandler homes for sale under market value.
By looking at your home’s amenities, it’s condition and what other similar homes will sell for in your neighborhood, you can find the value of your home. This is your first step to deciding if a short sale is the right move for you.
For detailed information on a Chandler Short Sale click here.
What’s the benifit to you on a short sale? A short sale could allow you to cut your loss and walk away from your home without the damage of a foreclosure on your credit report. A short sale will still be on your credit, but it is much less devestating.
Check out the effects of a short sale versus a foreclosure.
This process is a little more complicated than a traditional sale, but that’s where having a professional short sale Realtor ® who has experience closing short sales for over 6 years on your side makes all the difference. A short sale can be difficult and will likely take time in lengthy negotiations with the lender during attempts to hammer out all the details of the sale. Banks will want their own appraisal and verification of facts about your home. Keep in mind it’s possible that your lender will ultimately deny it. It’s worth a few trys and if you successfully complete a short sale, it’s an excellent way to negate the damage to your credit that will result from a foreclosure.
If you need to know more about a Chandler short sale and you’re looking to sell your home contact us online or call your Chandler Realtor ®, Jason Dawson at 480.442.9809.