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Short Sales - What is it?
I have recently discovered that many people are unaware of what a short sale is in real estate. I suppose it is hard for me to believe just because I am in real estate and see this every day. So with that being said I just thought I would explain it. A Short Sale is basically when a home owner owes more on a property than the current market value. The owner can no longer make the mortgage payments because of job loss, a medical problem etc. We then ask the bank to take the loss. For example if a home owner owes $200,000 on their property, but the current market will only get $180,000 and again the owner has a hardship, then we will ask the bank to take the loss for the difference. This is a very good option to help avoid foreclosure. Don't get me wrong, it will still put a bump on your credit score. However, I understand from lenders it is not as bad as a foreclosure. If you find yourself in this situation I would highly suggest that you get in contact with a REALTOR that is familiar with the short sale process and how to work with the banks. As well as one who can explain in detail the specifics of the process. Protect your credit if you are in this position. Don't wait until it is too late! Call a professional real estate agent from the moment you start having a problem keeping up with your mortgage payment! I hope this information is helpful! |
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