Real Estate Articles | Published: Tuesday, January 18 2011

Here are five reasons to consider selling your home as a short sale.

If you're involved in a job transfer, you might have to move quickly. You may not be able to get full market price for your property all the time, especially in today's economy. By selling short, you could attract many more purchase offers fast. You need to determine your selling home voice, just like a mortgage broker talking to a customer. Changing jobs is a difficult enough situation without having to worry about whether or not your house sells at full price. You might consider putting your house up for a short sale as soon as you hear the news of the transfer.
If you're going through a divorce, there could be the need to quickly liquidate both spouses' marital assets in order to complete the divorce. This is a difficult monetary situation. You also might not want to have the memories from your current house. It's sometimes too hard to continue living in the same house in which you were married. Selling short could make the sales process much quicker, even though you're getting less money for the property. Many divorced couples have done this with great success.
You might have lost your job, and you need the proceeds of the house to live on until you find another job and get back on your feet. Instead of taking out a home equity loan or getting a personal line of credit, you may choose this option to come up with some quick cash. You'll certainly receive the sales proceeds faster, all other things in the sales process being equal to a traditional sale.
If you want to open a business, the best idea could very well be to extract the equity from your property by selling short, even if it is a little bit less. Some people in this situation will even sell short knowing they're going to get a substantial amount less. The dream of owning your own business can be very strong. And much of the time the necessary funds are not available any other way. So by putting your property up for a short sale, you can rest assured that you're going to get many more purchase offers than holding out for a traditional sale.
You might be in a hurry to fund your child's college education. And if you don't have enough savings, selling your house short may be the only way to fund it. This holds true especially if your son or daughter is denied any scholarship or grant monies. Selling short could definitely be the better option in this case, better even than a home equity loan due to the relatively high interest rate you'll have in paying it back. If your child is very close to college age, this could very well be your best choice.

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Here are five reasons to consider selling your home as a short sale.

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