What is the process of a short sale?
Short version: You call me, I list your house either through myself or an associate in your state, a buyer buys your house after we make certain the buyer is well qualified to purchase your home, you sign the purchase agreement from the buyer, my team of negotiators negotiate with the bank for you, we close on your house, you are free to move on. A: Long version: In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Neither side is “doing the other a favor;” a short sale is simply the most economical solution to a problem. Banks will incur a smaller financial loss than would result from foreclosure or continued non-payment. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A short sale is t
