Short Sales
As foreclosure rates increase, more sellers are turning to short sales as a way to avoid foreclosure. A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan. A short sale is a win-win-win for the current homeowner, the bank and the buyer. … the homeowner avoids the devastation of a foreclosure and the bank avoids the time and expense of the foreclosure process and the buyer potentially gets a great price on a new home.
For the Seller
A short sale is most likely the best choice for a homeowner who is
- Behind on payments
- Experiencing a financial hardship due to any of the above circumstances, and
- Upside down on their mortgage or has little to no equity in their home.
Call one of our experienced and licensed Executives if you are delinquent on your mortgage payments and to further explore the benefits of a short sale transaction.
For the Buyer
For the potential real estate buyer a short sale offers a great opportunity to purchase what may earlier have been an unaffordable property. Typically a short sale listing is lower than similar properties but the buyer needs to be aware that the process can take much longer than usual. Lenders may take weeks to review their offer so the buyer has to be patient. For the patient buyer however, the reward may be a great home at a great price.
Short sales can benefit both buyers and sellers however they can be tricky. Understanding how they work and partnering with an experienced real estate professional is essential to a successful transaction. Contact one of our Executives today to take the first steps in preparing for a short sale transaction.
