We buy houses in Canonsburg Pennsylvania and provide residents with the ideal way to sell their property fast (especially to homeowners who are facing foreclosure) by purchasing cash for houses in Canonsburg. What is a short sale and how does it benefit you here in Canonsburg PA?
If you’re thinking that question about yourself, great question! As local homebuyers in Pennsylvania, we’ll dive into that question in this article so you as a Canonsburg PA homeowner can tell what your options are during foreclosure or just if your home mortgage is underwater.
What Is A Short Sale And How Does It Benefit You In Canonsburg PA?
A short sale can be a smart way to mitigate foreclosure (here’s a great definition of what a foreclosure is in case you’re not sure) on a mortgage, although they can be difficult to attain in today’s market, they often prove to be a simpler way to resolve any debt leftover from a loan.
Short sales were really common in the market a couple of years back when the flood of foreclosures hit the Canonsburg PA market, but as foreclosures have slowed down and home values have climbed back up a bit, lenders are a little less likely to offer a short sale as an option as they used to be (but they are still doing a lot of them!).
Few Reasons You May Want To Consider A Short Sale On Your Pennsylvania Home
You Avoid Foreclosure And The Harmful Effects Of It In PA
The best benefit of a short sale is that you can stop foreclosure on your home. When you opt for a short sale, your mortgage lender agrees to accept an amount lower than the total owed on your mortgage, freeing you from the burden of unmanageable debt. On the other hand, foreclosure can have far-reaching financial consequences, including the difficulty of securing a new home loan due to the lasting impact of a foreclosure entry on your credit record, typically persisting for up to 7 years.
As a result of a foreclosure, your credit score will suffer, making it more difficult to secure rental accommodations. Rental applications may also demand disclosure of past foreclosures. The consequences of a foreclosure can be long-lasting, extending over multiple years, which means you will have to wait a significant period before becoming eligible for a new mortgage.
Credit Worries In Canonsburg Pennsylvania
Experiencing a foreclosure carries significant consequences for your creditworthiness. Traditional bank loans for purchasing a car or renting a house may become unattainable. Moreover, if your occupation involves handling finances, there is a possibility that your employer, though not common, may consider termination due to the impact on your credit history.
On the other hand, opting for a short sale provides a means to settle the remaining mortgage debt, enabling both the seller and the bank to move forward. A short sale also offers a relatively more favorable impact on your credit score, granting homeowners a chance to recover in the long term. In your credit report, only a pre-foreclosure status will be displayed, resulting in a minimal reduction in your credit rating compared to a full foreclosure.
Buying A New Canonsburg House
Foreclosures can have a prolonged impact, rendering it unfeasible to qualify for a mortgage again for a duration of up to 7 years. However, short sales provide a bit more flexibility for sellers, allowing them to apply for a new home loan as early as 2 years after the filing, depending on the specific bank’s policies. Opting for a short sale also increases the likelihood of mortgage lenders approving your loan compared to a complete foreclosure, enabling you to return to homeownership at a quicker pace.
It’s important to note that the level of cooperation and flexibility can vary among different banks or lenders. If you encounter difficulties with one institution in the aftermath of a short sale, it is advisable to explore other options and seek out alternative banks to work with.
Usually, No Fees Involved In Pennsylvania
One potential benefit of the short sale is there are usually no fees associated with the process from the bank. Banks often prioritize removing delinquent mortgage notes from their books. If it can be demonstrated that your property is “underwater” (the outstanding balance exceeds its market value) and there is a risk of you abandoning the house, the bank may prefer to pursue a short sale instead of proceeding with a costly foreclosure process. Opting for a short sale can be advantageous because in a foreclosure, the mortgage lender may impose additional fees that further exacerbate the financial damage. Some real estate consultants may charge a fee for helping facilitate the foreclosure with your bank, so check with them before you enlist a real estate agent or firm in helping you with this.
Our company, Dustin Buys Houses may be able to guide you in the right direction on how to give yourself the best shot at a bank approving a short sale with your Canonsburg PA area house, so connect with us by calling (412) 688-6311 or shoot an email to us through our contact page.
Getting A Short Sale In PA – What You May Need To Provide
To establish your inability to make mortgage payments, it is crucial to furnish the bank with appropriate evidence. This process can be challenging, and it is advisable to seek assistance from a competent real estate attorney specializing in this area of law. If you are unsure about whom to contact or where to seek guidance regarding the possibility of a short sale, feel free to reach out to us. We are available to discuss your situation with you at no charge and without any obligation. We can offer valuable insights and advice without any cost, and in some cases, we may even be able to handle the necessary tasks on your behalf or consider purchasing the property from you to help relieve you of the mortgage burden. Thus, this option may be worth exploring.
Sell My House In Canonsburg PA
We are professional Pennsylvania home buyers and we purchase Canonsburg PA houses and we work with home sellers like yourself who are having troubles getting out of your property the traditional way, or who can’t (or don’t want to) go the usual route of listing with an agent. Get hold of us anytime to discuss your situation. We’re here for you!
Sell your house in Pittsburgh directly to us and see what we can offer on your home. We’ll make a no-obligation cash offer to you within 24 hours. At least that way you know whether that is an option for you or not.