Why Short Sale?
What are Foreclosures and Short Sales?
Foreclosure is the legal process in which mortgaged property is sold to pay the loan of the defaulting borrower. Tragically, the homeowners lose their home. Short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor, thereby avoiding a foreclosure (trustee sale) for the homeowner.
We Can Help!
Facing foreclosure? Call or email to find out how we may be able to help you avoid foreclosure through a short sale. We have successfully negotiated many short sales with various banks’ loss mitigation departments.
Potential Seller Benefits of a Short Sale
Seller can continue to live in the house during the short sale.- Short sales may have less of an impact on sellers credit as compared to a foreclosure.
- Lenders may stop reporting missed payments to credit agencies.
- Short sales provide sellers more time to assess their situation and act accordingly.
- Sellers may be eligible to buy another home sooner than if they foreclosed.
- Short sales are considered a form of a “work out.” Foreclosure is abandoning one’s home.
- Short sales are processed and marketed in the most discreet manner possible.
- Having a sign in front of your house is completely optional.
- Potential buyers will be screened before entering your home.
Call for a free, confidential, no obligation consultation.
- Begin the process of becoming informed of your options.
- Learn about resources available to assist you.
