A short sale is an alternative to prevent a foreclosure, with approval from their lender. It gives a homeowner the option of selling their home for less than the mortgage balance. In essence, the short sale lets you walk away from a mortgage you can’t afford to pay with no further obligation to the lender. As good as it may sound, it will have a lasting effect on your credit rating.
Read Also: The Role Of Access In Selling Your House
Generally, the typical waiting period before you can buy a home after a short sale is about 2 years. Provided that the short sale was for extenuating circumstances such as a death in the family, an illness, a serious accident, or a job loss, or a job transfer. Which prevented you from making monthly mortgage payments. Without a sufficient reason, the wait can be longer.
By comparison, in a foreclosure, you’re responsible for the difference between what you owe and what the home sells for. Plus, you probably won’t be able to buy another home for at least seven years. Foreclosure is a long-drawn-out process that sometimes takes years to complete. A short sale takes less time, and banks are usually willing to waive some of the debt rather than be part of a lengthy and costly foreclosure process.
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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*
To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!
*Agardi Team and the seller have to agree on the price and the closing date.