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Find out if a Short Sale is Something You Should Consider
What is a Short Sale?
What is a Short Sale?
A "Short Sale" is when a mortgage holder allows the seller to "pay off" the loan with an amount lower than what is owed. For example, if you owe $150,000 on your current mortgage, but you find out your house is now only worth $125,000, you have 3 basic options: 1. Bring the difference to the closing so the lender can be paid off. 2. Continue to live in the house without being able to sell it until enough money has been applied to the principle to allow you sell it or 3. Ask the lender to approve a Short Sale.
If the lender approves a Short Sale (and if it's negotiated properly) the lender will accept whatever you clear from the sale as their final payment from the seller.
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A "Short Sale" is when a mortgage holder allows the seller to "pay off" the loan with an amount lower than what is owed. For example, if you owe $150,000 on your current mortgage, but you find out your house is now only worth $125,000, you have 3 basic options: 1. Bring the difference to the closing so the lender can be paid off. 2. Continue to live in the house without being able to sell it until enough money has been applied to the principle to allow you sell it or 3. Ask the lender to approve a Short Sale.
If the lender approves a Short Sale (and if it's negotiated properly) the lender will accept whatever you clear from the sale as their final payment from the seller.
REQUEST YOUR FREE HAFA BROCHURE
