Lupita posted on May 07, 2009 10:46
What is a short sale?
A short sale is a legally-binding agreement to allow a home to be sold for less than the amount that is owed. While short sales are not by any means common or easy, because of increasing inventory levels and foreclosures in some parts of the country, lenders are much more eager to negotiate with borrowers who are having difficulty paying their mortgages. For potential buyers and investors, a short sale may offer a great opportunity to purchase property at a significant discount.
This can be a very time consuming process. Don’t expect a lot of help from the lender without first providing a sales contract from a qualified buyer and all the information required by the lender’s loss mitigation department. This may be a last resort for many homeowners facing foreclosure.
At Concept 100 Realty, Inc., we work with professional mitigation companies on your side to provide the best opportunity for a successful transaction.
A loan modification may be an alternative. Contact our office for a Loan Modification Guideline.