The short sale process is still a mystery to many people, even after all these years. Lots of buyer’s agents are confused; puzzled buyers are looking for direction, and not every short sale listing agent knows how to do a short sale.
The Basics of a Short Sale
Banks grant short sales for 2 reasons: the seller has a hardship, and there is not enough equity in the home to pay off the mortgage after paying costs of sale.
A few examples of a hardship are:
- Unemployment / reduced income
- Medical emergency
- Job transfer out of town
Most people in foreclosure think their credit is already bad, but they are not aware that it could end up being much worse. At this point you may be behind on your payments, but your credit is not destroyed. A foreclosure will put a permanent mark on your credit. A short sale is instead more favorably reported on your credit report as a settlement. Here in Pueblo Colorado, Property Rescue Service belongs to a network of short sale experts that may have the answer. Get more information at Short Sales Expedited.