Victoria Real Estate Agency Home Sale Listings

Should You Sell Your Home Short If You Can't Refinance?

There are a lot of people in a really tough position with their house right now. You can't afford your mortgage payments, you don't qualify for a refinance, and you can't even sell because your property value has dropped so much that your house is worth less than what you owe on it. You may have gotten behind on your mortgage payments or you may be budgeted so tightly just to make your mortgage payments that you can't afford to pay your other bills or buy basic necessities.

If you are in this difficult position, one option you may want to consider is something called a Short Sale. In a short sale, a homeowner and a mortgage company come to an agreement that the mortgage company will accept less as payment on your mortgage that what you owe. They then forgive the rest of the amount that was originally owed on the mortgage.

A short sale can be a benefit to both the mortgage company and the homeowner. The homeowner can get out from under the house they can no longer afford and start over. They no longer have to worry that their house will eventually go into foreclosure. The mortgage company benefits from the house not going into foreclosure because mortgage companies aren't in the business of selling homes. It's a hassle for them with a lot of associated costs and paperwork. They end up having to sell it for less than it's worth anyway during foreclosure. In a foreclosure, you are responsible for the remainder owed on the mortgage, so they have to spend time and money working with you to pay the money back as well. So a short sale is usually much more attractive to a mortgage company than a foreclosure.

There are drawbacks to a short sale. First of all, you won't be able to sell your home and buy a new one with the proceeds. You'll have to find somewhere else to live; either a rental or with friends or family. Your credit will get dinged when you have a short sale on your record. It won't hurt your credit nearly as much as having a foreclosure, but it will be a negative mark. Depending on your State and local laws, you may also have some tax responsibilities after the sale. Speak to a tax professional about this.

With the high number of people currently facing these difficult choices, many mortgage companies are willing to work with homeowners to do a short sale. There are, however, some mortgage companies that aren't. This decision is entirely up to them. There are some factors that may influence them one way or another depending on your circumstances, such as how far the home has dropped in value below the amount owed on the mortgage.

Take some time to decide whether a short sale is right for you by gathering the information together first. Talk to your mortgage company about your options. If you are having financial difficulty that is relatively temporary, your mortgage company may have other programs that can help you get back on your feet, instead of doing a short sale. Once you have the information gathered, sit down and consider what the right choice is for you and your family. Every situation is different, so this is something only you can decide.

Refinancing is a big issue right now. A lot of people would be wondering if they should refinance their mortgage. Depending on the situation the pros may outweigh the cons. Get the information you need to decide here: http://www.refinancingright.com

MORE ARTICLES:

Real Estate Agents Turning to Surface Restoration Company to Help Speed Home Sales
Real Estate agents are turning to Miracle Method, a national surface restoration company, to update bathrooms and kitchens to get a higher price for homes and speed sales.

Home Buying Institute Now Offers Free Real Estate Articles to Agents
Real estate publisher and home buying expert Brandon Cornett has created a new website that allows real estate agents to republish a variety of real estate articles for free.

Design Firm Creates Flash-Driven Real Estate Listing Map for use by Real Estate Agents
This map is scalable, sizable and can zoom from an aerial view all the way down to the street level.

Real-estate-agent-lists.com Celebrates One Year Helping Real Estate Agents Prosper in Slow Market Using Realtor Lists to Work Smarter, not Harder
Zichron Internet Marketing (ZIM) LLC is celebrating the one year anniversary of its launch of list of 1.5 million realtors with full contact information including 1.1 million agent email addresses has made it easier and less expensive for agents to communicate with other agents to drive more business.

Learn Seven Things You Must Know Before Choosing the Right Waterfront Real Estate Agent
You?ve made the decision to buy a waterfront home Now, it?s time to choose a real estate agent to help you find your perfect home

Local Real Estate Agents May Provide More Relevant Homes For Sale Data Than National Sites
Marietta, GA, (November 3, 2004) – According to the National Association of Realtors, 70% of all home buyers search the internet for home listings at some point. While most people choose national sites such as Realtor.

Designed For Real Estate Agents By Real Estate Agents, The Newest Referral Service Just Launched
Findmearealestateagent, the most comprehensive relocation reference site on the net. Serving the continental United States, findmearealestateagent.com is dedicated to providing families, corporations, small business, and individuals with all the tools necessary to make their relocation easier.

Why it is Important to Hire Just One Real Estate Agent to Buy a Home
In our fast paced and frantic real estate market, buying a home takes quick action and strong representation. Some buyers decide to involve several agents in their search for a home, assuming that there is strength in numbers.

Waterfront Houses USA Launches Waterfront Homes and Property Listing Service
Budget-Quotes, Inc. would like to announce the opening of their waterfront real estate listing service Waterfront Houses USA. Waterfront Houses USA is a medium for homeowners and real estate professionals to list their properties specifically targeted to waterfront, water view, and water access.

Choose the Right Agent in Selling Your Home in Siesta Key Real Estate
Selling your home in Siesta Key real estate can be stressful since it is a huge undertaking that you can do in your life. If you will be doing wrong choices, you will make things worse and you wont be able to sell your home quickly and with the best deal.

The All Important Real Estate Agent - Selling Your Home in a Buyer's Market
You've decided to sell your home In the current real estate market where there is a veritable glut of listings in many regions of the country, there are some simple things that you, as a seller, can do to enhance the chances your home will sell within a reasonable period of time

Real Estate Loan Agents, Real Estate Loan Agents,Investment Properties, Investment Properties in USA
While America and the world hold their breath, waiting for the Presidential and Legislative Branches of the United States Government to take action, that will hold off and help correct the mistakes of the sub-prime meltdown, there are some progressive Real Estate Loan Agents providing mortgages from exclusive leads from the opportunities provided in their counties from the daily marketing efforts by the team at Myhomesearches.com. These loan agents, providers of mortgages during the boom days are making deals today because of their membership.

How to Sell Your Home Without a Real Estate Agent
Considering the rapid rise in home prices over the past several years, home sellers are taking a hard look at the commission they have to pay to a real estate brokerage to market and sell their home. Real estate commissions vary across the country; they average in the four to seven percent range.

Choosing A Real Estate Agent to Sell Your Home
If you are considering, or have decided to put your real estate up for sale then you are probably looking for a real estate agent. What do you need to look for in an agent so that your experience turns out not only positive, but hopefully resulting in the sale of your property.

Indianapolis Real Estate Agent Offers Tips for Selling a Home in a Down Market
Indianapolis real estate agent Matt Borushko offers six tips that home owners should know when thinking about selling their home.