Troubles? Missing Payments? Worried About Foreclosure? Think There Is Nothing You Can Do?
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Clearing up Short-Sales
Since there is often some discrepency over the definition of a "short sale," I've provided some information below:
A short sale is the sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrower. (Wikipedia)
When people talk about short sales, they often describe a "fast sale" or use various other descriptions, so I wanted to provide the real meaning behind short sales. Basically, the owner owes more than house is worth, the home is purchased at reduced price, the owner is relinquished of liability to the bank, the bank gets payment (at least in part) for the property.
Basically, this is a long and tedious process and takes someone who is educated on the system and is familiar with bank dealings to accomplish a true Short Sale. Any real estate agent can list a property as a "short sale," but if you are considering this option for your home or a future investment, you really should trust someone who has experience in this type of work. Please give me a call if you would like more information on the Short Sale Process.