If you need to sell your property, but the amount you owe on your mortgages exceeds the value of the property, it is possible to negotiate with your mortgage lenders to accept a payoff of less than the amount owed. This is called a “short sale”.
In this arrangement, the property is sold at its current market value, and the lender agrees to accept the total proceeds from the sale as their payoff; and to write off the balance of the loan. The seller does not receive any proceeds at closing.
Short sales are a way for homeowners to avoid foreclosure on their homes, settle with their lenders, and schedule moving out. A short sale can be attractive to the lender because it saves the lender the cost of foreclosing on the property, and maintaining the property while it is vacant. A short sale can also be beneficial for a buyer, since the buyer can often purchase a home through short sale at a favorable price.
Short sales, however, require some unique negotiation strategies, and a high level of attention to detail.
We are ready to guide you through the process of buying or selling a Short Sale property.
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