We at the J. Christopher Real Estate Group know the process of short selling a house can be difficult, but we want to do everything we can to help. When you find a willing buyer, but the offering price is less than the mortgage on the home, you have the option for a short sale.
If you need your name removed from a mortgage and there is no equity in your home, a short sale may be your best choice. In the post-Great Recession world of today, lenders are more forgiving about short sales. Getting approved for a short sale is not always easy, but after a divorce, lenders are more apt to agree to a short sale as opposed to a foreclosure.
Lenders are not being generous by allowing a short sale, they are being practical. By opting for a short sale, they are protecting their best interests. They do not want the home to foreclose. In many cases, lenders will not agree to a short sale unless you are behind in your mortgage payments and unable to pay a shortfall.
An example of a short sale would be if you owe $200,000 on a mortgage, and the property has dropped in value to the point you could only sell it for $180,000. In such a case, a lender may be more willing to let you sell it for $180,000 and walk away from the difference.
At the J. Christopher Real Estate Group, we understand that considering a short sale is a hard decision. Our team of real estate lawyers will work for your benefit, and we will deal with the banks for you. Someone on our team will always be available for whatever questions you may be struggling with, and we will help you put a plan together before you fall behind.
We at J. Christopher Real Estate Group care about our clients in their time of need. Give us a call at 401.830.6906 for a confidential free consultation in the privacy of your own house when you are ready to talk about short selling your home.