WHAT IS A SHORT SALE?
Short Sale: a term used to describe a property sale where the total sales proceeds are less than the total balance due against the property. (This includes the cost of the sale; customary closing costs, commissions, repairs, etc.)
Short Sales will require you to work with multiple individuals.
The Seller: We understand this is a difficult time for you. To be successful, your full cooperation is needed.
The Lender: Mortgage lenders of all types will be faced with a high volume of non-performing loans on equity deficient properties over the next several years. To a lender, a short sale is purely a matter of money.
The REALTOR: One of the most critical players of a Short Sale transaction. A Realtor, after identifying and qualifying the homeowner as a candidate for a Short Sale, is responsible for navigating through the process with commitment, patience and follow-through.
The Loss Mitigator: A process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on a loan.
The Title Company: Escrow officers can identify and solve a wide range of issues that may come up during a Short Sale transaction.
The Buyer: Every real estate transaction needs a buyer to seal the deal. In the case of a Short Sale, you need the right buyer – one who has the patience to stick through the obstacles that most Short Sales face.