Heart to Heart on Short Sales

The situations that surround a short sale are often complicated and extremely stressful, but a short sale gives hope for a win-win solution between the home owner and the lender. The lender can get the highest price for a quick sale at a market price. The borrowers have the potential to get their credit restored and possibly get relief from possible future legal actions and deficiency judgments.

Short sales occur when borrowers sell their property for a sales price less than the amount owed to their lender(s) after all sales expenses − including brokerage fees − are taken into account. In order for this to take place the lender(s) must accept a discounted payoff; meaning the bank(s) get paid less than the full loan amount owed. In a short sale, the homeowners can often get complete relief from all of their mortgage debt.

The end result is: your home is sold, the mortgage is satisfied (paid off) and you avoid a foreclosure or a bankruptcy in the event of hardship. Perhaps even better, your credit rating can almost immediately improve because your credit report often shows your mortgage paid in full.

If you find yourself in a potential short sale position, or simply unsure of your options, contact me via e-mail or just give me a call. I know it can be difficult to let someone tell you what you do not want to hear; but in these uncertain times, long-term, trust-based relationships are incredibly important. An honest, straightforward approach to doing business is the only approach I know, so I will continually keep your long-term goals and best interests in mind.