Special offer

So what is a Short Sale?

By
Real Estate Agent with Howard Hanna - Avon Lake, OH 2006004434

short sale occurs when the proceeds of a real estate sale fall short of the mortgage balance owed on the property.  To facilitate a short sale, the lender agrees to discount an outstanding loan balance, usually due to an economic or financial hardship on the part of the owner to allow a sale to occur. A bank's loss mitigation department is the contact person(s) that are involved in the negotiation process and agreement on short sale price. The borrower sells the mortgaged property for less than the outstanding balance of the loan, and gives the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the mortgage debt.  The lender must approve a proposed sale, in advance for the sale to occur. The lender approval time fluctuates typically from bank to bank which involves solid communication between acting short sale agent the banks sortr sale rep.

Circumstances influence the lender’s decisions to discount a loan balance. These circumstances could include the current real estate market climate and the individual borrower's financial situation.

Often a bank will agree to a short sale if they believe that it will result in a smaller financial loss than going through the lengthy and expensive foreclosure process. For the home owner, the advantages include the opportunity to salvage some of their credit standing by avoiding a foreclosure on their credit history and, at least, partial control of the monetary deficiency.

Posted by

See my current community info video:

 

Struggling to search for Avon Lake, Avon, North Ridgeville, Sheffield Lake and Sheffield Village Homes?  Need some easier way to do it on the go?  Trulia 
and Zillow are great programs however they are not local.  They are not current to activity at the minute and projections on values of homes are questionable based on global measures and not having local information as a local Realtor would.  So what to do? Add my search engine to your mobile devise or  computer and get direct and current home sales, open houses, know when a home is off the market and sold right away and find similar homes in the area.  The search engine has GPS function that you can activate on your phone  and with that it will give you comparables while you are in the driveway of that dream home.  Now how cool is that?  

Try it.   http://stanleystepak.hanna2go.com

Stanley Stepak Jr. M.A.

Realtor

Howard Hanna - Gold, Avon Lake, Ohio

440-476-0234

Check out my profile at:stanleystepak.howardhanna.com              

Email me at stanleystepak@howardhanna.com  

Homes for sale in Avon Lake area are most sought after because of the superior schools, community activity and recreation, and park like setting this community offers. .If you are planning on buying, selling or relocating in the Avon Lake area, please give me a call as your Avon Lake Realtor.  I would be more than willing to help you with all your Real Estate related needs.

 

If you are looking for a great real estate agent in the Avon lake area,

  Let me GOOGLE one for you!

QR Code 200

Comments (0)