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IS A SHORT SALE GOOD FOR ME?

By
Real Estate Agent with Coldwell Banker Residential, LLC
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Description

A short sale is when a bank or lender agrees to discount a loan balance due to an economic hardship on the part of the borrower. The home owner sells the mortgaged property for less than the outstanding balance of their loan, and then turns over the proceeds of the sale to the lender in full satisfaction of the debt. In most instances, the lender has the right to approve or disapprove of a proposed sale.
Many factors determine whether or not a bank will allow a short sale.
These factors are most often related to the current real estate market climate and the individual borrower's financial situation short sale typically is executed to prevent a home foreclosure.
For a bank, a short sale will result in a smaller financial loss and is usually a quicker transaction than foreclosing on a borrower. For the home owner, a key advantage is avoiding having a foreclosure listed in their credit history. In short, a short sale is nothing more than negotiating with a lender to allow a borrower to pay off a debt for less than what they owe.

This year Short Sales are expected to move faster. I see it every day in my office: Short Sale Approved and Closed!!

If you are looking for help about your house Please feel free to contact me for more information !!

Hablo Espanol!!


Profile
Service Area: MIAMI DADE & BROWARD
Service Type: Real Estate
Market Focus: Premium

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Comments (1)

Terri Onigkeit
Keller Williams of Northern Colorado - Fort Collins, CO
GRI

I hope they move faster, last year was a bad year for BOf A.

Jan 28, 2010 12:18 AM