With the real estate market changing on a daily basis, it takes a creative approach in order to sell listings. In that regard one way to both get and sell listings of properties whose owners owe more than the property is currently worth, is a short sale.
Briefly, a short sale is a transaction where a contract for purchase and sale is executed by both the Buyer and Seller for an amount less than the total amount of the outstanding mortgages. With lender approval, in many instances, a lender will take less than what is owed on the mortgage so that the Seller does not have to come to closing with cash. Although the Seller will walk away with nothing, it is better than facing the prospect of foreclosure.
A short sale benefits all parties to a transaction in that the Seller avoids the stigma of a foreclosure on their credit report, the lender does not have to take ownership of the property and try to sell it themselves, the Buyer generally gets a good deal and the realtor gets their commission.
This process does not work in all situations; however, the time spent in trying to work out a short sale can be well worth it and in the long run does not hurt the parties involved. For more information or to set up a meeting to discuss this topic in more details, please contact SIB Realty 305-931-6931.
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305-931-6931 SIB Realty
18335 Collins Ave. Sunny Isles Beach, FL 33160
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