What is a short sale? This is a question that I'm often asked. Short sale has become a buzz word in today's real estate world, and current homeowners and potential buyers are wondering if a short sale is the right path for them.
What is a short sale? A Short sale is when a lender (sometimes lenders) agrees to accept an amount less than the loan balance because the homeowner has experienced some type of financial hardship. In a short sale, the homeowner sells the house and turns the proceeds over to the lender.
When a homeowner is considering selling their home by means of a short sale, the homeowner is usually facing some type of challenges in his or her life that has caused a changed in their financial situation. It's not an easy decision to do a short sale. It's a decision that many homeowners today are struggling with. It's a decision that is often made after the homeowner has come to terms with the fact that they can no longer meet their financial obligations and there exists the possibility of foreclosure.
Homeowners are too often not given the credit they deserve in short sales.
Deciding to pursue a short sale demonstrates a homeowner's effort to do the responsible thing. Instead of walking away from their financial obligation to the lender, they are at least attempting to help the lender mitigate their losses by not having to go through a costly foreclosure process. They are willing to allow buyers to view their home even though they may not want to sell their home but have no other alternative.
Are you considering selling your house? Have you been contemplating the possibility of a short sale? Are you asking "What is a short sale?" I welcome you to contact me either by phone or e-mail with any questions you may have.
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