What is a short sale in CT? Get the real answer here
Many times we hear about newer terms for the first time in our lives and it makes us eager to get more information about those terms. One such term I come to know recently is "Short Sales". I was curious to know what this actually means and how it is related to my life. Then one of my friends helped me find out the real meaning. He told me that a real estate short sale in Connecticut means when a property sells his property at a price less than the mortgage amount owned to their lenders. At first sight, it seems that it is in the favor of borrower out of such transaction. However, this is not the real truth. You will get more information later in this article.
What is a short sale in CT?
In simple words, a short sale in CT allows the seller of a home to sell his property for less than the total amount he actually owned. In this, the sale of the property makes homeowner free from debts and obligations and improves his credit score thus eliminating the need for bankruptcy or foreclosure. The homeowner manages to save his dignity, reputation and ultimately peace of mind. On the other hand, from lender's point of view, this can be a costly deal compared to foreclosure and can provide an agreeable hedge against future price declines within the market. This is really beneficial for those lenders who have become insolvent and willing to liquidate their assets as short sales in Connecticut is a quick way to raise capital when compared to a foreclosure option.
A large number of homeowners always choose to prefer short sales option because of the big relief it carries with it. As far as your credit report is concerned, this option makes lesser harm on it and the most sought after debt relief option among homeowners. Short sales provide homeowners an exciting opportunity to come out of foreclosure. This process offers relief to homeowners who can no longer afford their mortgage payments with the least amount of damage to their credit profile.
A short sale in Connecticut also provides great psychological relief to people reeling under hug debt and wants to live a hassle-free life. Over past few years, this option has been largely availed among home owners who look to sell their homes just to get debt-relief without much hassle.
What is a short sale in CT?
In simple words, a short sale in CT allows the seller of a home to sell his property for less than the total amount he actually owned. In this, the sale of the property makes homeowner free from debts and obligations and improves his credit score thus eliminating the need for bankruptcy or foreclosure. The homeowner manages to save his dignity, reputation and ultimately peace of mind. On the other hand, from lender's point of view, this can be a costly deal compared to foreclosure and can provide an agreeable hedge against future price declines within the market. This is really beneficial for those lenders who have become insolvent and willing to liquidate their assets as short sales in Connecticut is a quick way to raise capital when compared to a foreclosure option.
A large number of homeowners always choose to prefer short sales option because of the big relief it carries with it. As far as your credit report is concerned, this option makes lesser harm on it and the most sought after debt relief option among homeowners. Short sales provide homeowners an exciting opportunity to come out of foreclosure. This process offers relief to homeowners who can no longer afford their mortgage payments with the least amount of damage to their credit profile.
A short sale in Connecticut also provides great psychological relief to people reeling under hug debt and wants to live a hassle-free life. Over past few years, this option has been largely availed among home owners who look to sell their homes just to get debt-relief without much hassle.
