Short Sale Information

How we can help you avoid foreclosure

 

What is a Short Sale?

In situations where homeowners are no longer able to make their monthly mortgage payments and face the threat of foreclosure, their lender may be willing to let them conduct a short sale.

A short sale allows the homeowner to sell their property at or below market value and the lender agrees to accept the proceeds as payment in full, even if the proceeds are less than the current amount owed.

 

What are the benefits of a short sale?

The chief benefit of selling a home in a short sale is avoiding foreclosure and the negative impact on your credit rating associated with foreclosure. Foreclosure can impact your credit rating 100 - 120 or more points and stays on your report for 7 - 10 years.

A short sale will allow you to sell your property with your credit rating intact and gives you the freedom to purchase another. more affordable home.

The lender benefits by not spending additional time and money to foreclose on your property. Lenders are in the business of loaning money, not owning property.

 

Is this a difficult process?

Processing a short sale can be a lengthy process that has many steps and requirements. We can outline the steps involved and negotiate with your lender and buyer to make the process as convenient as possible.

 

What is the first step in the short sale process?

The first step in finding out if your lender will accept a short sale is to contact a licensed and experienced real estate agent that specializes in short sales. We can help you determine if you and your property qualify for a short sale. We can also open the lines of communication with your lender and work with them to facilitate the sale process.

 

 

 
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Adam Hong
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