We Specialize in Handling Short Sales. What is a Short Sale?
A Short Sale is a win-win solution for the home owner and the lender. The lender gets the highest price for a quick sale at a market price. The borrowers get their credit restored and generally get relief from possible future legal actions and deficiency judgments. Short Sales occur when borrowers sell their property for a sales price less than the amount owed to their lender(s) after all sales expenses, including brokerage fees. In order for this to take place the lender(s) must accept a discounted payoff; meaning the bank(s) get paid less than the full loan amount owed. In a short sale, the home owners can get complete relief from all of their mortgage debt. The end result is the home is sold, the mortgage is satisfied (paid off) and home owners avoid a foreclosure or a bankruptcy. Perhaps even better, credit ratings will almost immediately improve because credit reports show that the mortgage was settled in full.
