A short sale can seem like the end of the line for your investment, but it doesn’t have to be. With many homeowners wanting to know how you can sell your house fast in Chattanooga, there are always options available. When going through a short sale, you need to remain calm and understand what options you have to deal with the situation. To help you out, we at Favor Home Solutions want to help you understand the short sale process to get money in your pocket.
What is a short sale?
To understand how to get through a short sale, we first need to understand what one is. To put it in simple terms, a short sale is when someone sells their home for less than the amount due on the mortgage. What this means is that you are selling the house for less money than the house is worth. While this may sound bad, it is better than foreclosing and losing much more with the house. If you plan on opting for a short sale, let’s look at what to remember before taking action.
Important short sale information to remember
Credit can be ruined
One of the primary losses that occurs with a short sale is that your credit score can be seriously damaged. When you short sell your house, it shows the bank that you were unable to make payments and your credit score will be lowered accordingly. Your score can often drop a hundred or so points making it harder to buy things in the future like a car or more property.
You can lose money
Since you are selling your house on a short sale, it means you are unable to pay your full mortgage amount. Because of this, you will almost always have to sell the house for less than it is actually worth. As a seller, this is bad news and can mean you are losing thousands of dollars on a short sale. Because of this, short sale homes often take longer to sell and can be tricky for buyers to want to invest in.
Mortgage relief programs exist
If you think short selling is your only option when you have a struggling mortgage, you are luckily wrong. If you are looking to sell your house fast in Chattanooga, Favor Home Solutions has a mortgage relief program that can help you out. When you work with us, you can avoid losing out on your money and can even prevent your credit from dropping. Reach out at 423-509-8686 for more information about how your house and mortgage can be helped out.
With a short sale looking bad on credit and for your wallet, think carefully before acting on one. With options from Favor Home Solutions looking to help out sellers considering a short sale, you can take steps to get your home in a better position and keep your credit score protected from potentially falling to a dangerous level.