Have you considered short selling Trinity house?
Short selling a house is something most people in Florida are familiar with. Florida was hit very badly by the subprime mortgage crisis of 2008. The collapse of the housing bubble led to a lot of homeowners looking to get at least some value out of their home through short selling.
Short selling a house means selling it for a lower value than what is owed on the mortgage loan used to buy it. Short selling Trinity can be a strategic decision or one that is forced upon you. Quite often, a lot of people are forced into short selling their homes to avoid a foreclosure.
There are occasions when you need to sell your house because you’ve had a new job and are moving to a different city. Another reason could be that you’ve had a divorce and selling the house to pay off the mortgage is a part of the divorce settlement. Or maybe the house is too big and unmanageable and you want to sell and get out when it still has some value left.
The most common reason to short sell a house, however, is because you are falling behind on the mortgage payments and are completely unable to repay the debt. You owe more than what the house is worth. So if you don’t sell it soon, you risk a foreclosure.
In this case, you will need to appeal to your bank or lender for permission to sell the house for less than what you owe them. If the bank agrees to that, your property is listed for sale and the process begins.
Banks generally agree to the short sell so that they can get at least some value of the mortgage loan bank. A foreclosure is an outcome nobody wants, not even the banks. It is generally the last resort. If there is anything that can be done to avoid a foreclosure, that will be done.
There are many advantages to short selling Trinity, FL – it helps you avoid foreclosure for one. Also, it does not really hurt your credit as much as some of the other options.
Most importantly, short selling a house does not carry as much of a social stigma as a foreclosure. Not everyone likes to buy a house that has been foreclosed, but buyers are perfectly fine with purchased a short sold property.
Also, foreclosures come at a massive expense to banks or lenders. The property once foreclosed lies vacant for several months or even years. There is a high probability that such properties deteriorate rapidly once kept vacant. They are many cases where such properties have been vandalized by criminal elements.
During a short sale, the homeowner is required to provide a full disclosure of the defects of the house. They are under no such obligation in a foreclosure.
That’s why short selling the house is a much better alternative. It’s good for the buyer as it gives them the chance to buy a home for less than the market value without the risk or the discomfort associated with buying a home that has been foreclosed.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of The Vision Team*