What is a short sale?
A short sale is a sale of a real estate where the seller sells a property that is less than what is owed to the lender. The difference in amount of the sale price and the actual borrowed amount is known as a deficiency. This deficiency can occur when the market value of the home cannot match or profit from a sale. A short sale happens when the property owner can no longer afford to repay the lien holder and the creditor agrees to accept the lesser amount on a sale of the home. The short sale agreement does not always waive the deficiency, however, many cases the lien holder, usually the bank, releases the borrower from the obligation to pay the remaining balance.
A short sale is different from a foreclosure sale. It allows the property owner and the bank to settle on a sale before having the lien holders to take over the property and deeming it as a foreclosed home. Although credit of the property owner will have negative effect in both short sale and foreclosure, a short sale can have less adverse affect to your overall credit due to the fact that a negotiated short sale agreement has been made.
Being upside down on a property is down right financially and emotionally stressful. Your invest in time and money in a home not holding onto its value and the thought of losing it can leave many people sleepless at night. Although a short sale may not be for everyone but under certain circumstances, it may be a much need relief on your financial burden.
Adrianne Han is an expert in the field of short sales and her team of negotiators makes the process less worrisome with knowledgeable facts. She will offer you all possible ways for you to walk away feeling relieved without financial burdens.
For a free consultation, please use the form or call 847-947-2478.