Wisconsin Short Sale & Short Sale WI
There is no denying that recently times have been tough. More and more Wisconsinites are struggling to stay afloat in an overwhelming sea of debt. One of the biggest hit markets is the housing market. Due to the increased costs of living and the increased number of people losing their jobs, more and more people are being forced to look into foreclosure as their only option to make ends meet.
In 2009 alone there have been over 30,000 foreclosure files in the state of Wisconsin and over 3,000 foreclosure home sales. However, there is an alternative to foreclosure so that your home does not end up as one of these statistics; it is called short sale.
What Is A Short Sale?
Instead of accepting foreclosure and surrendering your home, Wisconsin short sale allows you to make a deal with your lender so you can avoid foreclosure and the other pitfalls that come with it.
A short sale occurs when your home is sold for less than what you currently owe on the house. If the short sale is close to the market value and, with the right WI short sale realtor, it is possible that the lending company will allow a short sale to happen. You are able to sell your home and the bank will let the difference slide.
Benefiting from the WI Short Sale Option
Short sale will not only benefit the home owner in trouble. Lenders do not want to foreclose homes as they are losing out on an investment. With short sale, they are able to walk away from a very tough situation almost unscathed.
Wisconsin Short sale in the Real Estate Market
Many people are wondering if short sale are so popular, then why doesn’t everyone do it. The reality is short selling in Wisconsin has only been made popular in the last few years, and, although it can benefit both the home owner and the lender, it can be quite the lengthy process. The paperwork, the bargaining and the contractual agreements can be a little overwhelming for anyone, especially someone trying not to lose his home.
This is why most successful short sale are done through a qualified and licensed WI short sale agent. A Wisconsin short sale expert will work on your behalf, speaking to the lenders and determining whether short selling is an option that will work for your situation.
There are many reasons why you may find yourself in financial hardship. You may have lost your job or taken a reduced income cut; you may have recently divorced or separated; you may be suffering from a serious illness which is preventing you from working; you may have just lost your spouse; your business may have plummeted; or you simply may have overspent. Whatever the case, a short sale in WI allows you to recover from your financial hardship without succumbing to the fate of foreclosure.