Short Sales
A short sale is a sale of real estate in which the property is allowed to be sold for less than the balance owed on a loan secured by the property. In a short sale, the lender agrees to reduce a loan balance due to some sort of documented financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes for full satisfaction of the loan. In some cases, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will reduce a loan balance. These circumstances are usually related to the current real estate market and the borrower's financial hardship.
A short sale typically is executed to prevent a home from becoming a foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property. We have agents and partners skilled in negiotiated successful short sales. There are no upfront fees or cost to do a short sale. To find out if you qualify for a short sale please fill out the contact form and an associate will contact you to discuss your options. Thank you.
