What is a Short Sale?
A real estate Short Sale is a form of agreement between the seller of a home in the beginning stages of foreclosure and their lender, allowing the home to be sold for less than the existing loan balance outstanding. The mortgagee would accept less than the loan amount in order to avoid a foreclosure proceeding. This short sale would result in a substantially discounted purchase price for the buyer of the home. The buyer would then proceed with the purchase of the home much the same as in any conventional realty transaction.
The best part, the existing lender pays virtually all sales costs, including commissions, escrow and titles fees. You get your home sold, your loan(s) paid off and you avoid foreclosure.
A real estate Short Sale is a form of agreement between the seller of a home in the beginning stages of foreclosure and their lender, allowing the home to be sold for less than the existing loan balance outstanding. The mortgagee would accept less than the loan amount in order to avoid a foreclosure proceeding. This short sale would result in a substantially discounted purchase price for the buyer of the home. The buyer would then proceed with the purchase of the home much the same as in any conventional realty transaction.
The best part, the existing lender pays virtually all sales costs, including commissions, escrow and titles fees. You get your home sold, your loan(s) paid off and you avoid foreclosure.
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