Selling your home through a short sale is possible if you have an agent that is willing and able to walk you through the process. If you are thinking that this might be a route for you to explore, call me at 314-620-6822 and we can sit down to discuss your individual situation to see if this is the right option for you.
A short sale is also known as a short pay-off, or pre-foreclosure workout. This is a sale where the lender agrees to accept less than the full loan payoff value during a sale to a third party. The lender then releases borrower from the mortgage and the foreclosure process is avoided in an effort to save everyone time and money.
In order to be eligible for a short sale, there must be some hardship which prevents you from continuing to be able to make the payments on your mortgage.
While Every situation is unique, here are some common examples of hardships:
• Unemployment or loss of primary income source
• Inability to work due to health crisis
• Mounting medical expenses
• Employment relocation
• Failure of business
• Bankruptcy
• Death of spouse or significant other
• Divorce or separation
This process can take 2-4 months and is not always the best option. Feel free to call me at 314-620-6822 and I will get you the information you need to make a decision.
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