Short Sale
A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan. This could completely be the right solution for your situation, and almost without question can be the better alternative to losing your home thru foreclosure.
Dwellings has years of experience successfully assisting our clients with their short sale needs. Please contact us for a free consultation. In the meantime, here’s some brief information about short sales;
The banks will typically approve short sales for two main reasons: the seller needs to sell and (a) has a hardship, and/or (b) owes more on the mortgage than the home is worth. A few examples of a hardship are:
- Unemployment / reduced income
- Divorce
- Medical emergency
- Job transfer out of town
- Bankruptcy
- Death
Not all lenders will approve short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.
If you are considering selling your home as a short sale, there could also be drawbacks. We suggest that all sellers:
- Obtain legal advice from a competent real estate lawyer
- Call an accountant to discuss short sale tax ramifications
- And of course call us for further consultation
Also, short sales can take a long time for the bank to respond to a submitted short sale package.
There are many other factors involved in a short sale, but it could potentially be worth it as the end result is way better than the extensive financial damage a foreclosure can create for you.
As experienced professionals in this area, we would like to help you! Please contact us today to see if we can!