You can sell your home in Calgary at a much higher price than you bought it. However, with a financial crisis, this is like shooting for the moon. Unless you are talking about markdown sale like a short sale, it may be hard to sell your home. So what is your next choice? A short sale is your next viable option. So what are short sales? Basically, a short sale is a discount sale of your home. This means that you agree on selling your home at a much lower price. And the money you get will be used to pay off your mortgage. Some lenders are willing to forego of the balance of the loan if homeowners agree on short sales. So short sales allow you to fully satisfy your debt even if the amount paid is lower than the amount owed and it is the fast way to sell your house, considering the average time to sell a house in Calgary (find out from here: https://bridgedalehomebuyers.ca/average-time-to-sell-a-house-in-calgary/).
People who are facing foreclosure should consider short sale. Although people end up having neither home nor money in Phoenix short sales, at least they will be able to get rid of their mortgage and other debts. With short sales you can use your income or money in your savings account to start on a new slate instead of using hard-earned cash for mortgage payment. And since you might need to borrow again in future, you have to avoid bad credit rating. You can do this with short sales.
Some think there may be a few disadvantages with short sale, such as paying taxes for the difference between short sales proceeds and the mortgage amounts. However, this has been solved in because of legislations are already being made to omit paying additional taxes for short sales. Once you have already decided that short sales are for you, the best thing to do is find a real estate agent to help you. It is not really very easy to find potential investors on your own. Besides, with the help of professionals, short sales will be made expeditiously and will be handled well.