• Selling Tips   • Value My Home   • Short Sales


What is a Short Sale?

A short sale is when the net proceeds from the sale of a house does not equal enough to pay off the mortgage or mortgages. In a declining market this scenario can happen if someone buys there home at the peak of a market and then is forced to sale their home in the declining market.

Why a Short Sale?

If unforeseen circumstances such as loss of job, divorce, increasing interest rate, death, or other financial hardships which causes you to have trouble making your monthly mortgage payments a short sale may be your best option. This can be a win win situation for both the seller and the bank. Banks don't like to lose money but they can cut their losses by accepting a short sale instead of pursuing the up to a year long foreclosure process. The seller can prevent their credit score from taking a major hit by avoiding a foreclosure.


What are the reasons for people needing to sell their home for for less than they owe. (Short Sale)

There could be a number of factors, but some of the more common ones are; Death, Divorce, Adjustable Rate Mortgages, or changes in job status.

How do you get approval from the bank for a short sale?

A good real estate agent who specializes or has experience with short sales can walk you through the process.

Each bank works a little differently but you have to remember they are not in the business of owning houses and a bank can save money by accepting a short sale as apposed to foreclosing on a home.

Can you pursue a short sale if the bank has started to foreclose?

Yes,
the foreclosure process can take up to a year and a short sale can happen any time before the home goes back to the bank.

What if I have more questions?

Call me at 612-986-2246 or email me at markaduffy@comcast.net  with any questions or for a confidential consultation.

Mark Duffy
Keller Williams Integrity Realty

markaduffy@comcast.net   

612-986-2246


Keller Williams Integrity Realty - - Eagan, MN 55122
Phone: 612-986-2246   Email: markaduffy@comcast.net

Copyright 2008 Keller Williams Integrity Realty, All Rights Reserved.

The materials contained within this page may not be reproduced without the express written consent of KELLER WILLIAMS INTEGRITY REALTY. The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied.


Powered By Realestatehomepages.com