What is a short sale on house?

Answer 1

Short sales are usually used as an alternative to foreclosure and any liens the sale falls short of paying are released. However, the short sale agreement may not necessarily relieve the obligation of the borrower from repaying the debt.

Answer 2

If a house is underwater financially or extremely distressed it may cost you more money to fix the problem than the house is worth. In this case it may be to your advantage to consider a short sale of the property.

Let’s say, for example, you have a mortgage on your property, and the mortgage balance is currently $100,000. Maybe, over time, the house becomes dilapidated because no one is living in it or you’ve been behind on your repairs. Maybe the roof caved in or something else happened to the property, and the value actually goes down. This is when you might consider a short sale.

We Buy Houses, Memphis helps people by buying their property and being able to do this at a decent price. Getting a reasonable offer from a buyer with a solid reputation may be something the lender would consider in making their decision about a short sale.

If the bank forecloses on a property it will go up for auction and there is no telling what the house will ultimately sell for. We can take on the property at the near current value, fix it up and sell it. In the process we not only improve the condition of the house but we add value to the neighborhood.

The most important thing is to communicate with your lender. Make sure they are aware of your current situation and your willingness to work to make things work out best for everyone involved.

So there you go, guys. That’s what a short sell is. Hopefully this helps.

We Buy Houses Memphis buys hundreds of houses each year in Memphis, Tennessee. We purchased 250 homes last year. In 2020 we are on track to buying even more. We’re your “go to” place to find options to help you sell your house fast, for a discount or if you’re having some sort of difficulty.

Contact us at 901-250-0100.