A few weeks ago The Apple, Peeled took a look at where and why the number of "short sales" (a sale in which the bank accepts less than the mortgage balance) might be increasing. Now they've put together a list of things to know before attempting a short sale: You must be behind on your mortgage and/or the value of your property must have significantly declined; have a broker find comps to demonstrate that the proposed sales price is commensurate with the current market value; compose a "well-written hardship letter" detailing your unfortunate change in circumstances; move quickly enough so your buyer doesn't balk. Sound challenging? Just remember that your credit scores will improve much faster with a short sale than a foreclosure. (The Apple, Peeled)
Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.