In a nutshell, a short sale is when a person sells their home for less than what is owed on the property. In a short sale, the underlying lien holder agrees to take less than what is owed on the property – hence, a short sale. In our current economic climate, short sales have become a vehicle to help sellers in depressed markets and in distressed situations sell their home.

Are all short sales successful?

No. Lenders decide on a case by case basis whether to accept a short sale. There is no set rules or formulas. Short sales are time consuming and require patience and diligence. If you are considering a short sale, please understand all your options and make sure you are working with a reputable company. In order to be successful with a short sale, each lender has a different set of rules and guidelines and each lender requires the sellers fill out specific forms.

See this article to further answer questions you may have about short sales. Our company has successfully closed many short sale transactions this year. We understand the intricacies of short sales and protecting the seller. Please give us a call if you feel you may need help with a short sale.