We are seeing more and more short sales these days and it is now a common sight nowadays. I want to educate the public and all those interested, about the process and benefits of a short sale to all parties involved in the transaction.
For those of you not familiar with short sales, I will explain what a short sale is in common everyday terms. A short sale is when a homeowner is selling his/her property for less than what is owed on the mortgage with the approval from the lender to take the lesser amount to satisfy the loan. In most cases the homeowner does not have to pay what is owed. By this time, the homeowner usually has exhausted all their other options in trying keep their home and is force to sell their property as a short sale instead of falling into foreclosure. I will explain and go into further details about the benefits of a short sale compare to a foreclosure later in another blog.
In order for a short sale to occur two things must occur: the home must be under contract (have a purchase agreement) and the lender must accept that discounted payoff amount.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment