Today’s economy and rising unemployment demand flexible solutions for selling homes; keeping short sales in the news. In a short sale, a lender or lenders agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must settle the remainder of the debt with the lender. Either way, short sales generally costs a lender less than a foreclosure, making it a viable alternative.
A short sale can also be the best option for homeowners who are “upside down” on mortgages because a short sale might not damage a homeowner’s credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.
Ironically, short sales are anything but short, so it’s important to work with a Realtor® trained in the process. All of our agents have earned the National Association of Realtors® Short Sale and Foreclosure designation, and have been trained in short sale listings and working with banks to get transactions closed quickly. If you’re considering a short sale, we can provide a short sale packet of information, discuss the process with you, and outline a plan to get your home SOLD.