WHAT IS A SHORT SALE
What is a Short Sale?
A short sale is an agreement with the lender that holds your mortgage to accept less than the amount owed on the property by the borrower by selling their home to a qualified buyer. These are also called short pay-offs or pre-foreclosure sales. These sales work similarly to traditional real estate transactions, but with two major differences.
The first difference is that to qualify to participate in a short sale you must meet certain financial restrictions. The second is that the mortgage holder will grant an approval letter for discharging the current mortgage and will pay the realtors and other service providers in the transaction. This will allow the homeowner to avoid foreclosure and its long term affects on their credit.
Is a Short Sale Right for Me?
For more information on Short Sales and to see if a Short Sale is the right way for you to avoid foreclosure, please fill out our brief contact form below and one of our agents will contact you.