Short Sales: How Do They Work in Pensacola?

Short sales aren’t the most desired option for getting rid of property, but they have become a reality for many people. These types of sales occur when the owner of the property is trying to sell the property for less than what he or she owes on it. The mortgage company has to approve the sale, since it will not be getting all the money owed to it from the transaction. Some mortgage companies in the Pensacola, FL area are much easier to work with than others where short sales are concerned.

If you’re considering a short sale, and you’ve worked with your bank or other lender to make sure you can get approved for one, the next thing you need to do is sell your property. The catch is that you need to sell it fast. If you can’t get a short sale to go through within a particular length of time, you’ll be facing foreclosure. While both of those events are hard on your credit, going through a short sale is often less damaging. To find a buyer quickly there are some things you can do. For example, you can make your home stand out from all the other properties for sale, either by price or some other factor.

Often, though, that really doesn’t move things along as fast as you would like. There is so much MLS real estate available to buyers, that it can be easy for your home to be overlooked. Additionally, many buyers shy away from short sales, because they know those kinds of sales can be difficult to complete. The bank may not be overly willing to work with the seller, and that can mean a sale that should have completed in a couple of months can take two or three times that length of time. That’s frustrating for both buyer and seller.

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    To get around some of the issues that come with short sales, you can list your home for sale by owner and look for a company that buys property for sale for cash. That way you don’t have to worry about paying real estate commission, and you won’t need to wait to see if a buyer can get a mortgage approved. Instead, you can get a cash offer that can be closed in a matter of days, instead of weeks. As soon as your bank agrees to the short sale amount, you’ll be on your way to getting out from under the financial burden of the property. That’s a good feeling, and can help you move forward.

    Don’t assume you can’t find a buyer. Companies that buy houses in the Pensacola, FL area are great choices for people who are trying to short sell. The bank will have to agree to the sale and to the price, but once that has been done, a short sale works just like a regular sale. Buyer and seller come to the closing table, papers are signed, and the buyer becomes the new owner of the property. The seller’s obligation is over at that time, unless the bank decides to pursue the seller for the difference between his or her mortgage balance and the sales price of the property.

    The faster and easier the home can be sold, the less stress you’ll have as a seller. Banks aren’t generally very happy to do short sales, but with a cash buyer and a fair price, they may be more likely to do so. Finding an investor or a company to buy your home without all the usual hurdles, like getting a mortgage, can help your short sale go as smoothly as possible.

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