If you owe more on your house than it’s worth, a short sale could be a way out. It allows you to sell the home for less than what you owe, with your lender’s approval, and can help you avoid foreclosure. The process isn’t always simple, but with the right help, it can give you a path forward.
What Is a Short Sale?
In a short sale, your lender agrees to accept less than the full amount you owe on your mortgage. They forgive the remaining debt so the property can be sold, and you can move on.
Short sales are typically used when:
- You’re behind on payments
- The home’s value has dropped
- You owe more than the house is worth
- You’re facing financial hardship or foreclosure
Why Homeowners Consider a Short Sale
- To avoid foreclosure and protect your credit from further damage
- To reduce debt and stop falling further behind
- To move forward without the burden of an upside-down mortgage
- To get out from under a property that’s no longer affordable
What the Process Looks Like
- Contact your lender and explain your situation
- Submit a hardship letter and documentation like bank statements, mortgage info, and income
- List your home with an agent or professional who has short sale experience
- Get an offer (cash buyers can help move this faster)
- Lender reviews and approves the sale, then you close
This process takes time and paperwork, but having the right team makes a big difference.
Why It Helps to Work With a Professional Homebuyer
Short sales are something you shouldn’t go through alone. A professional homebuyer with experience in these situations can guide you through each step, communicate with your lender, and help structure a deal that works for everyone involved.
They may also be able to buy your house directly, which avoids the stress of open houses, repairs, or waiting on the market. That can be especially helpful if you’re already behind on payments or feeling overwhelmed.
Is a Short Sale Right for You?
It depends on your situation. But if your home is worth less than what you owe and you’re feeling trapped, it’s worth exploring. A short sale won’t solve everything overnight, but it could be the first step toward financial relief and peace of mind.
Need help exploring your options?
Best Offer KC can walk you through the short sale process, work with your lender, and help you move forward with less stress and more clarity.
