What is a Short Sale

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You might be wondering What is a "Short Sale". When related to Real Estate, this is when the bank or lender accepts a sale or payoff of the loan secured by real estate for an amount less than owed on the debt. A Short Sale is a method to Prevent Foreclosure.

Let's say you purchased a property for $300,000 last year when the market was hot. This year you lost your income, and need to sell the property but it's only worth $250,000 due to the decline in market conditions and you are about to go into foreclosure.

What can you do to prevent foreclosure and sell your house?

This is when you might need the experience and services of a Licensed Realtor to perform a Short Sale on your property and Prevent Foreclosure.

Most banks or lenders require your property to be listed by a Licensed Realtor before they even review your Short Sale package, along with numerous other requirements.

Most home owners in Foreclosure want to know how a Short Sale will impact their credit report; You will still have late payments on your credit, but it will not reflect a Foreclosure and normally most lenders waive deficiency judgment.

This is not an easy task. My suggestion, give me a call soon!