The Situations that surround a short sale are often complicated and extremely stressful, but a Short Sale gives hope for a win-win solution between the homeowner and the lender. The lender can get the highest price for a quick sale at a market price. The borrowers have the potential to get their credit restored and 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 after all sales expenses- including brokerage fees- are taken into account. In order for this to take place the lenders must accept a discounted payoff; meaning the bank gets paid less than the full loan amount owed. In a short sale, the homeowners can often get complete relief from all of their mortgage debt and in some cases get some money back.
The end result is: Your home is sold, the mortgage is satisfied (paid off) and you avoid a foreclosure or a bankruptcy in the event of hardship. Perhaps even better, your credit rating can almost immediately improve because your credit report often shows your mortgage paid in full.
If you find yourself in a potential short sale position, or simply unsure of your options, Contact Michele Morris Realty. We know it can be tempting to let someone tell you what you want to hear; but in these uncertain times, long-term, trust based relationships are incredibly important. An honest, straightforward approach to doing business is the only approach we know, we will continually keep your long-term goals and best interests in mind.