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A short sale is an agreement in which your mortgage lender agrees to accept a payoff on the loan for less than the balance. Many lenders agree to a short sale because they receive more of the loan balance in comparison to the amount they would gain from the selling the property following a foreclosure. This process also aids in the maintaining home values in the community where the property is located and helps the home-owner maintain a better level of credit compared to a foreclosure. In most instances, homeowners considering a short sale need to meet certain criteria to qualify: anticipate problems making your mortgage payments in the future, currntly behind in your mortgage payments, provide evidence of economic hardship, and have little or no equity in the property.
A short sale is not a typical real estate transaction, Most real estate transactions involve the home seller and their real estate agent, the buyer and their lender, and their real estate agent. In a short sale situation, all of those parties are involved. Additionally, the seller’s loan servicer, a housing counselor, any junior lein holders, mortgage investors, and insurers may be involved.
With so many parties involved in a short sale, the process can be difficult to complete without a qualified REALTOR® to help guide you and the act as a liaison between all of the parties involved. You will want the advice sand expertise of a REALTOR® who has your best interests in mind and will expedite the short sale transaction. It is essential to have a REALTOR® who won’t allow you to miss a detail that could delay closing the transaction in a timely manner and to the specifics required by all parties involved.