Owe more than your House is Worth?

What is a short sale?

A short sale in real estate is when the bank chooses to forgive the part of the debt on a property that is above its appraised value, under certain circumstances. A short sale has to be proven (documented) as a tangible hardship. Hardships would include personal and financial reasons.

Some hardships would include:

Personal Reasons

• Credit History

• Divorce

• Change in Employment

• Health Issues

• Drugs/Alcohol Problems

• Crimes or Imprisonment

Financial Reasons

• Upside down

• Bankruptcy

• Late Payments

• Interest Rate Increases

• Escrow Accounts

• Taxes (not escrowed

• Liens & Judgements

• Homeowner's Associations

A short sale example would be if John needed to move for a job and had to sell a house which he had bought during a housing boom for $150,000 with a small down payment. Now he owes $125,000 but the house only has an appraised value of $105,000. John believes that since he does not have the cash to pay the difference, that he is facing a certain foreclosure. However, with a short sale, the bank may choose to accept payment at the appraised value instead of the debt owed.

A short sale can be a win-win-win scenario:

• The SELLER wins by selling their home, prior to losing it at the foreclosure auction and prevents a foreclosure on their credit history.

• The BUYER wins by obtaining a property at good value.

• The LENDER wins by not having to continue the expensive legal process of foreclosing and having to take the property back.

Simply fill out our Short Sale Form and someone will contact you with a solution to your problem!