Someone looking to purchase a home at a great deal has probably floated around the term “short sale”. While short sales do typically offer affordable home purchase rates, they also carry with them a strenuous, long process for the buyer. Understanding the basics of short sales is essential when determining whether or not this type of purchase could be right for you and your family. A short sale refers to a situation where a homeowner owes more on the house than it is currently worth and is unable to make the mortgage payments, creating an opportunity for them to sell that home for less than they owe on it. As such, short sales give homeowners a solution to clear themselves of some or even all of their mortgage debt.
A short sale is an alternative to a foreclosure, giving lenders the chance to avoid the costly and arduous foreclosure process. However, short sales can be complicated, frustrating, and lengthy. Unlike a foreclosure, short sales involve the seller instead of the bank. The seller must be able to prove that they are experiencing financial difficulties and then make a deal with the bank. Meeting the bank’s criteria for a short sale can be challenging, thus making the process long and stressful. While there are certainly some downfalls associated with short sales, this option is often a win-win for all parties when conducted correctly.
For those looking to purchase a home at a lower cost, short sales are an excellent solution. With a little bit of patience and a professional to guide you throughout the process, purchasing a short sale is the perfect way to get a great deal on a house. At the Law Office of Brenda Murzyn, P.C., our team of short sale legal experts will help you every step of the way. From attending all closings to offering unmatched personal attention, we are dedicated to providing superior legal guidance to all of our clients. Call us today to get started!