The short sale option provides a way for the financially distressed seller to prevent foreclosure.
A short sale is an agreement in which the mortgage lenders or other lien holders agree to accept a payoff on the loan for less than the current balance. Many lenders agree to a short sale because they receive more of the loan balance in comparison to the amount from selling the home under foreclosure. The short sale process also aids in maintaining homes values in the community and helps the seller maintain better credit compared to foreclosure. In most instances, homeowners considering a short sale must meet specific criteria to qualify, such as true hardship which is preventing them from continuing making the mortgage payments.
A short sale is not a typical real estate transaction, homeowners should consult a tax expert, obtain advice from an attorney and hire a qualified and experienced Realtor to help you hand in hand throughout the process.
|Short Sale Q&A
|Short Sale Library|