Why a Short Sale?

There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a “short sale.”

Short sales are an agreement between the lender and the property owner that allows a home to be sold for less than the amount owed. The lender makes the final decision in approving a short sale. Potential buyers need to understand a short-sale transaction before entering any purchase contract. While a buyer and seller may agree on the price, it’s up to the lender to accept that price or not. It’s a potential option based on the value of the property, the underlying fundamentals of what is owed and the anticipated marketing time.

How did this all happen?

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