What is a Short Sale? A short sale is when a person needs to sell their home, but they owe more to the lender or bank than the home will sell for in the market.
For example, a couple borrows $340k to purchase their home valued at $420k. They may have taken out a "second" or home equity line of credit for $40K, and now they owe $380k. A promotion at work requires them sell their home and move to another location. Unfortunately, in today's market, their home may only bring in $320k ($60k less than what they owe).
This scenario means that the seller will have to sell their home "short" of the loan amount(s) owed to the lender(s), thus a Short Sale.
If you need to do a short sale and avoid foreclosure, use and experienced agent you can trust. Please give us a call. We work for you!
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