Understanding the Short Sale Transaction
A “short sale” is a real estate transaction in which a home seller’s mortgage
lender agrees to accept a payoff that is less than the amount owed on the
mortgage. When homeowners find themselves with a serious financial
hardship, and owe more on the mortgage than the home is worth, a short sale may be a way to avoid foreclosure by negotiating a settlement with the lender.
A successful short sale can be a “win” for all parties involved: the seller is relieved of the financial burden of the mortgage, the losses taken by the lender in the short sale can be significantly less than an eventual foreclosure, and the buyer gets a fair deal on the purchase.
Negotiating a short sale is no easy task; therefore, it is highly suggested that homeowners considering a short sale work with a licensed real estate professional who specializes in short sales. An experienced agent/broker will be well qualified to guide a homeowner through the short sale process, facilitate communication and interaction with the lender, assist with collection of lender-required documents, and bring the transaction to a successful close.
Give us a call today…480-240-9724 or visit our website @ www.HelpingUnderwaterSellers.com
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