by the Kauai Short Sale Team
Carol Skon, R and Deborah Parker, RA
Short sale adjective /noun 1. A property is sold and the lender agrees to accept a discounted payoff, the lender will then release the lien that is secured to the property upon receipt of less money than is actually owed.
336 Hie Street, Kapaa, HI 3 Bedrooms/2 Baths 1256 Sq ft/8432 sq ft land area
5289 Kihei Road, Kapaa, HI 2 Bedrooms/1 Bath 836 Sq ft/ 10,000 sq ft land area
In a short sale, the lender for the mortgage agrees to accept less money than is what is actually owed on the loan because of an economic or financial hardship on the borrower. The short sale process can take as long as 6 to 9 months to complete so nothing about the process is "short". The longer time frame is due to the lender taking some time to evaluate how much money is acceptable for them to lose on the property and each property is different. Lenders generally lose $40,000 more on average if they have to foreclose so they may be more inclined to look at a short sale.
The first step is to get your property listed with us. Call us today for your free consultation.
Call Deborah Parker, RA 808.647.4744 or Carol Skon 808.634.2945