What is a short sale?
The term short sale is prevalent in today's market. However, it seems that many are still inexperienced as to what a short sale really entails. For educational purposes, we have included a brief definition of a Short Sale ---
A "Short Sale" is a sale of real property in which the outstanding loan balances are greater than the amount that the property can be sold for. A short sale is typically done during the foreclosure process, after a Notice of Default" has been filed. A short sale will typically stop the Trustee Sale which terminates the foreclosure process. The short sale process occurs when our company negotiates with your current mortgage company to accept a discount on the amount that is currently owed on a property. Banks are in the business of lending money and not owning real estate. This is what makes a short sale such a viable option for lenders and homeowners. However, many homeowners are unaware that there is a resource out there for them that will put them in a better situation when all is said and done. We feel a Short Sale is a much more dignified solution then a Foreclosure and it is also better for the homeowner for financial reasons and credit worthiness.
The process of a Short Sale is much more complex that that of a single paragraph. If you would like further information, please call or email us!
Warm Regards,
Prestige Real Estate Services
619-365-9328
info@prestige-res.com
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