If you can’t afford your mortgage payment, a short-sale may be an option. This allows for you to sell your house faster than what you owe and can free you from the obligation of repaying any remaining mortgage balance.
A short sales could be a great option to help
- Even if foreclosure proceedings already began, you may still be able stop foreclosure.
- You will continue to live in your home through the sale. This allows you make other arrangements.
- At closing, there are no out-of-pocket fees. The short sale transaction will cover all closing costs and fees.
Important considerations
- We will work closely in partnership with you, your agent, to determine the market price of your house, its list price, as also the time required to sell it.
- You cannot sell your home if you are not in a close relationship or have business or personal relations with them.
- Sometimes homeowners are required by law to pay a deficiency balance at closing. We will let the homeowner know if they are required to pay a deficit balance before they transfer the property.
- The amount may need to be declared as income, even though you aren’t required to pay any deficit balance. Talk to a tax professional.
- A short sale involves a complex transaction. We are unable provide tax or legal advice. A tax professional or legal advisor should be consulted for any short-sale implications.