Williamsburg, VA – If a homeowner finds themselves wondering when the best time to start a short sale is, the answer is very simple. The sooner the better. If they have tried all of their other options such refinancing, modifying their loan, or even trying to sell their home in Williamsburg for what is owed on it without success, then it is the best time to start a short sale.
A short process of sale is a very common avenue that homeowners take in the Williamsburg area when they are behind on their mortgage payments. Dependable Homebuyers has been providing help to homeowners that are faced with these circumstances for many years. They are a local team of real estate consultants who have provided assistance to many homeowners that are looking to sell a home in foreclosure in the Williamsburg area.
A Short Sale is a real estate deal that allows the homeowner to sell a property for a less amount than what is currently due on the existing mortgage. This allows the homeowner to avoid any fees associated with foreclosure or even bankruptcy in Williamsburg. The lender will then decide if they want to approve the quick sale. By doing so, they are agreeing to accept less than what is owed on the mortgage. Should this take place, the loan is then forgiven and the homeowner moves on from the property.
If a homeowner in the Williamsburg area decides to conduct a short sale, it is important that they realize that foreclosure comes with consequences. If the process of foreclosure has already started, the time frame in which a homeowner works is very important. In a situation such as this, the quicker that the homeowner starts the process of a short sale, the better their chances are of getting an approval for this short sale so that they can get out from under the property. The quicker an approval is received, the fewer mortgage payments they will have to make towards a home that will not be providing any equity to them.
What happens if the owner already has a Notice of Trustee Sale
If a homeowner in Williamsburg has already received a notice of trustee sale, unfortunately they have waited too long to go through a short process sale. While this situation can certainly be more difficult it does not leave the homeowner without any options at all. In the majority of cases, the lender will give the homeowner around 90 days to fix their loan situation. This time frame gives the homeowner a short amount of time to work with in getting their home in Williamsburg on the market, get the approval for the short sale, and then actually sell the home.
Misunderstanding often falls when it comes to a short sale. Many people believe that all a homeowner has to do is find a buyer. In reality, there is actually a lot of negotiating with the lender that has to be done. It is advisable that a homeowner take into account how long a quick sale can take and make sure that the process of a short sale is started in time.
If a homeowner decides that a short sale is the best option for their situation, it is imperative that they contact a company such as Dependable Homebuyers promptly. The more time that a homeowner has, the more options they will have in selling their house. Homeowners can read about their home buying services at https://www.pressadvantage.com/story/24331-local-home-buying-company-in-williamsburg-virginia-offers-direct-home-buying-services.
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For more information about Dependable Homebuyers Williamsburg, contact the company here:
Dependable Homebuyers Williamsburg
Evan Roberts
(757) 347-0457
info@dependablehomebuyers.com
109 Warwick Hills, Williamsburg, VA 23188
