What is a short sale?

There are situations in which keeping your home just isn’t feasible but that doesn’t mean you have to foreclose. If your home is impossible to afford and market conditions have lessened the value of your home, a short sale would allow you to sell your home for less than what you owe on your mortgage.

To conduct a short sale, we have to first negotiate with your lender and get them agree to it. From their perspective, it makes sense because it allows them to avoid a long and costly foreclosure process. Remember, the lender is looking to avoid foreclosure as it’s considered a last resort.

For you, a short sale represents an opportunity to sell the home for less than what you owe and lessen the impact to your credit altogether. In many cases, your credit can be kept completely intact.

<<back