So what exactly is a short sale?
We hear the term a lot these days. In recent years short sales have become more common. Many of us believe a short sale is something like a foreclosure but we don’t really understand the difference.
A short sale is anytime the owner of a home has taken out a loan on a home and they are either unable to afford the payments because the home is now worth a lot less than what they paid or they are unable to sell it because they just don’t have the finances to come to closing with the difference. Once they try to sell their home through a short sale the bank will have to accept far less than what the homeowner paid for and bank has taken a loss.
So that is in a nutshell a short sale.
I have earned the SFR (Short Sales and Foreclosure Resource) Certification from the National Association of Realtors.
I can guide you through the short sale process.