There are many people that see the great price of a Coatesville short sale but are too nervous to pursue the home because they have too many questions. Your experienced Coatesville short sale agent is a wealth of information when it comes to the short sale process, and you shouldn’t hesitate to ask you agent any kind of question in the relation to a home. Here are some of the more common questions about a Coatesville short sale to get you started.
What is a short sale?
A short sale is when a lender agrees to sell a home short of money than is actually owed on the home. This is often less than the value of the home.
Is a foreclosure better than a short sale?
This is question that many buyers have when working with a Coatesville short sale, and there really isn’t a perfect answer to that question. If a home is close to foreclosure, it may be wise to wait it out rather than spend time on the Coatesville short sale only to find it has gone into foreclosure. The best way to decide what option you should go with is to discuss the matter with your attorney or tax professional because your Coatesville short sale agent cannot provide legal or tax advice.
Can multiple offers be placed on a Coatesville short sale?
Especially in instances when the listing price is set well below the value of the home, there can be multiple offers on short sale home. Just keep in mind that the listing price doesn’t represent the offer the bank will set.
Will a short sale ruin your credit rating?
One of the main reasons that credit is affected in a short sale is because of deficiency on the loan. If the lender loses a lot of money in the deal, your credit will be more adversely affected. Being behind on home payments will also affect your credit rating as well.