Understanding Short Sales
As foreclosure rates hit record levels,
more sellers are turning to short sales
as a way to avoid foreclosure. So, how
does it work? First, you must hire a
Realtor that is experienced in closing
short sales. In a short sale, the seller
arranges with their mortgage lender to
accept a price that's less than
the amount they owe on the property. As
part of this arrangement, the lender
typically agrees to forgive the rest of
the loan. As a result, the seller
doesn't have to go though a
foreclosure, the buyer picks up a
property at a discount, and the lender
avoids taking on the burden of unloading
the property.
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Facing Foreclosure?
Learn the New Exit Strategy that is
saving Homeowners What is a Short Sale?
What is a short sale? A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan.
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