Most people get into buying a home with all the right intentions. They believe that will be happy in their home for years and years to come and they believe that buying a home in that location is a great decision for them. But there are times when things happen and whether that be the loss of a job, needing to move out of the area, or just becoming too overwhelmed with the costs of the house – there are just many reasons that someone may need to sell.
Sometimes, sadly, the house is unable to sell for the amount still owed on the mortgage – so you are forced to sell for less. This is called short selling. Trinity home owners that have been forced to short sell their home agree it’s not ideal but it is sometimes the only way.
Want to know more about short selling? Here are some FAQ that may help you have a better understanding of it.
How does short selling work?
Short selling works if the banks that provided the mortgage agree to take the hit on the home to sell it for less than the original loan that was taken out for it. Sometimes it is better this way than to have a foreclosed home for both the owner of the home and the bank that provided the loan.
Why isn’t short selling ideal?
Most people would prefer to stay away from short selling their home because their credit will take a pretty big hit because of it. This will also make it very difficult for them to buy a home in the future and this can be a very big worry for those who have a family. But again, sometimes it may be the only way.
Is short selling a long process?
It can be. Sometimes the entire process can take about 4 months to complete. Depending on the bank – that time frame can vary.
If you have more questions about short selling in Trinity give us a call and we can help you with answering those questions and also the process if you’re ready to begin.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of The Vision Team*