If you are a first time buyer or a seller who has bought a home in the past few years and are now needing to sell, it is very likely that you have heard the term short sale. A short sale could be defined as the sale of a home in which the seller is asking the lender to accept less than full pay off so that the seller can pay of his or her home. You may ask, why would a lender be willing to do this? Lenders know that on average throught the US, if they have to foreclose on a home and then resell it they are going to lose approximately $65,000. So, if the lender can accept let's say $10,000 less, you can see that they are losing far less than they could. Short sales are also an excellent opportunity for first time buyers and investors to get very reasonable deals on homes.
Short sales are definitely more difficult to complete for both the seller and the real estate agent but they can be done. If you or someone you know needs to sell and the home just isn't worth what is owed, we may be able to help. We have a team of 4 short sale specialists on staff to help you.
Feel free to call us for more information at 616-456-7500 x 114.
Comments(0)