Fast Cash Options for Your House

If you need to sell your house quickly, there are several methods you can try. The most popular is selling to a buyer who requires an expedited cash transaction; however, other viable options exist as well. For instance, if an investor wants a quick return on his investment but no other buyer is interested in buying your home that quickly, short sales might be worth exploring. Check out our portfolio at https://www.revivalhomebuyer.com/sell-my-house-fast-in-new-port-richey/.

What is a short sale?

Short sales occur when the seller of a house agrees to accept less than their mortgage loan balance. Lenders usually agree to this because they want to avoid foreclosure and losing money on the home, and will save more money by accepting less money from you. While this may sound beneficial for lenders, there are some things you should be aware of before pursuing this route.

What are the risks of a short sale?

If the property value drops, what you owe will also decrease, rendering this deal unworkable for you as the seller. Default on mortgage payments for three years and your home could be put up for foreclosure and sold at auction; whatever amount remains will always match what was sold at auction – even if its worth has decreased.

How to get a short sale approved

Reach out to your lender and explain that you wish to do a short sale on your property. They likely have specific guidelines you must meet, such as getting an appraisal of the house and finding an approved buyer with good credit score. Be sure not to fall behind on payments otherwise the sale won’t go through.

What are the Advantages of a Short Sale?

Are you searching for a way to escape your mortgage debt, this could be it. Your lender has already agreed that you may sell your home and forgo any payments on it, making it no longer your obligation. Moreover, lenders typically receive less money through short sales than they would through foreclosure sales, helping them avoid taking losses on your property.

What are the potential drawbacks of a short sale?

One major disadvantage to short sales is that your credit score could suffer if there’s a foreclosure on your record. If other lenders won’t approve you for a loan, this might not be your best option. Moreover, being foreclosed upon could impact future financing opportunities as well.