Almost everyone has recently heard the term Short Sale, but most people don’t know exactly what it is.
A short sale is a negotiated agreement between a borrower and a lender allowing the sale of an encumbered property for less than what is owed on the loan. The lender will release it’s lien, and usually forgive the entire debt even though the proceeds of the sale didn’t cover it entirely.
It’s almost always in the best interest of all parties to agree to a short sale. The bank can save thousands of dollars on the process of foreclosure. The bank also avoids the loss they could take if they have to buy the property at the auction and hold a vacant property on their books until they can sell it (aka REO or Bank-Owned). The homeowner avoids having foreclosure on their credit report, which can take years to overcome, usually has their debt forgiven, gets to move out of the home on their own terms, and has taken the responsible route.
We can help facilitate a short sale on your behalf. We’ll list your property for sale and negotiate with your lender to push back the Trustee’s Sale (Foreclosure Auction) date as needed to reach a short sale agreement.
As skilled negotiators, we have several contingency plans in place to help us reach the best possible agreement. It’s important to realize, however, that since this is a negotiation, results are not guaranteed. Please contact us for more specific details regarding your particular situation.
The best part about a short sale agreement is that our services are essentially FREE to you. Our company is paid out of the proceeds of the sale. Since the property is already over-leveraged, the bank is essentially paying us.
To learn more about short sales and the foreclosure process, or to find out whether this option is in your best interest, please contact us via phone, email, or through our Contact Us page. We are happy to provide a free no obligation consultation.
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