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Short Sales

What is a short sale?

Short Sale Form

A short sale is a real estate transaction in which the sales price is insufficient to pay the debt(s) and obligations
encumbering the property along with the costs of sale, and the seller is unable to pay the difference.

Every short sale is dependent upon the seller's lender(s) consenting to the transaction and agreeing to release the
lender's security interest in exchange for less than what is owed. In some cases however, the lender's approval
of a short sale does not necessarily mean the lender relieves the seller of liability for repayment of the entire debt.

Simply "walking away" from the property through foreclosure also does not necessarily relieve a seller of
these debts. A homeowner could lose their property to foreclosure generally to the 1st mortgage lien holder and
still owe the balance(s) from the 2nd mortgage or other lien holders.

Foreclosure, bankruptcy, debt -- these are all frightening words that many families are coming face to face with in
today's distressed economy. You might even be one of these individuals who are facing rising debt, the thought
of losing your home, unpaid bills, or more. If so, and you are worried about the future and aren't sure where to turn.

Short Sale Help

What Is A Short Sale?

A short sale occurs when a property is sold at a price lower than the amount the owed on the mortgage. The mortgage lender(s) agree to accept a payoff that is “short” of the full amount owed. Current market conditions will not allow the seller to sell their home for what is owed on the mortgage.

Is A Short Sale Right For Me?

If you can no longer pay the mortgage on your home and would like to avoid a foreclosure, that can leave your credit damaged, a short sale may be a good option for you. Selling your home as a Short Sale can greatly lessen the impact of a foreclosure on your credit. Although the option of a short sale may seem embarrassing at first, the relief from avoiding a foreclosure can bring piece of mind and help your financial standing in the long run. You can find out if a short sale is right for you by enlisting a qualified real estate agent to prepare a comparative market analysis of your home.

How Long Does A Short Sale Take?

Every short sale is different. Some short sales can close very quickly with approval in as little as 24 hours. Others can be a lengthy process that may take over 60 days. The length of time varies due to factors such as the type of mortgage(s), the lenders(s) and experience of the sales agents involved. Having an aggressive sales agent that has the expertise can aid the process.

Will A Short Sale Damage My Credit?

Because of delinquent payments your credit will be affected. However by short selling your home you avoid the long term record that a foreclosure will have. With a short sale you may be able to purchase a new home as early as two years after the sale as apposed to five to seven years with a foreclosure. There may also be other advantages and for that you should seek out competent legal and tax advice.

Who Pays The Sales Agents Commissions?

Unlike a typical real estate transaction the seller will not be paying the real estate agents commission. The commissions will be paid by the lender because as the seller, you will not be profiting from the sale of the home. The lender negotiates the commission directly with the selling agent who shares this amount with the buyer’s agent.

How Do To Short Sale My House?

Obtain the services of a qualified and competent real estate agent. This will help expedite your transaction and protect your interests. An inexperienced agent can cause delays and you could loose your sale altogether. You can look for an agent that has specific qualifications to short sale a home. 



Call me or fill out this form, I'll give you straight talk. I've been doing short sales for

over 6 years and selling

Real Estate for over 20 years.

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