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Is your home worth less now than when you bought it? Are you behind, or starting to fall behind on your bills? Need to Sell Your Home Quickly? No Equity? Negative Equity? What is a Short Sale?

In the world of Real Estate, a short sale refers to the sale of real property for an amount less than the amount owed on the property. The bank agrees to accept less than the full balance due on the debt, and usually forgives all or a large portion of the difference.

How will the Short Sale affect my credit?

Short Sales are still a relatively new concept. Banks have the option of submitting the short sale to the credit bureau as "Paid in Full" or "Settled for less than full balance". Some have the idea that this is like a bankruptcy or a foreclosure. That's far from the truth! In a short sale, the lender is simply allowing you to pay less than you owe. If you are currently behind on your mortgage or facing foreclosure, the short sale will actually help your credit! How? Because once you are approved for the short sale, all collection activity will STOP and you will avoid foreclosure! A foreclosure would negatively impact your credit.

Who benefits from the Short Sale?

Short sales are a win-win situation. Both the Lender and the Borrower benefit. The Lender will get the majority of their money back and avoid the costly foreclosure process. A short sale often makes a much wiser business decision for the bank.
The Borrower will get the relief they need to sell their property and avoid foreclosure and begin again. Even if the borrower is foreclosed upon, it does NOT remove the obligation to pay the remaining balance.

How long does it take?

Short sale approval can take 30-120 days.

What if my home is already in foreclosure?

Your foreclosure sale will usually be suspended during the short sale process. That's why it's imperative that you contact me right away!!!