Madison WI Short Sales
In real estate, a “short sale” is a situation in which the mortgage holder (the bank) is going to be “short” money after the home is sold. This is either because the seller owes more on his or her mortgage than the property is worth or because the homeowner is behind on payments. Note that short sales require the approval of the mortgage holder which takes time (usually 30-60 days but sometimes much longer) and are almost always "as is" sales. As a result, many homes marketed as short sales will not qualify for FHA financing due to stringent new appraisal rules and other property conditions typically flagged by the FHA.
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Facing a Short Sale?
You've worked hard all of your life but suddenly you find yourself unable to make your mortgage payments. Or perhaps you want to sell but you owe more than your home is worth. In recent years we've all heard about bank foreclosures but are you aware of an option called a 'short sale' that's less damaging to your credit rating? If a short sale is your best solution to salvaging your credit, enlisting the services of an experienced short sale listing agent will be a critical factor. At Lake & City Homes Realty, we understand the process & how to maneuver your way through the short sale process as quickly & efficiently as possible. Contact us today for a confidential consultation to discuss which options are best for you & your family. If you're underwater on your home, you need not feel alone.
If you find you're struggling to afford your mortgage, Lake & City Homes Realty will be happy to provide you with a free comparative market analysis (CMA). This document helps you and your lender determine the current market value of your home, making it easier for you to obtain a principal forbearance or short refinance or to proceed with a short sale. You can also use a CMA to determine whether you qualify for refinancing or to prove that you owe the bank more than your property is worth. Homeowners interested in cashing out their equity by listing and selling their property can benefit from a CMA as well. Contact Lake & City Homes for assistance, call 608.628.9701 or fill out our request a CMA form.
More Madison short sale listings
Can't find what you're looking for? Try our Condo short sales page or call (563) BUY-SOLD (289-7653) for assistance. Alternatively, fill out the short contact form below and we'll be in touch to discuss.