What should you do when you want to sell house but owe too much?
If you want to sell house but owe too much, you may qualify for a short sale. A short sale is when the bank agrees to let you sell your house for less than you owe. They are agreeing to take a “short” on the loan that is due, which is where the term “short sale” comes from.
However, a short sale should not be confused as something that is short, or happens quickly. Short Sales often take months of negotiating with the bank. And in order to qualify for a short sale, most banks will want to see proof of a hardship.
If you are up to your ears in debt on your house, this can be a really great solution for a fresh start. If you have a strong negotiator on your behalf, you can even get the bank to give you relocation money to help you get into a new place.
Short sales are not always the easiest route to go since they are a long and drawn out process, but they are a great alternative to foreclosure and getting out of debt. If you are interested in finding out if you’d qualify for a short sale, the best place to start is talking to your bank. We can also be available to answer any questions you may have or even sit and talk to your bank with you.
Let Us Help
This important thing to know if you want to sell house but owe too much is that more often than not it can be done! You just need to know how to present your situation with your bank, and we can help you with that! If you know you’d like to talk to someone about a short sale, either give us a call at 860-606-3690 or start by filling out our short form below.