REAL ESTATE
SHORT SALE AND ITS BENEFITS
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What is a Short Sale? 
A short sale occurs when the "payoff" amount agreed to in a transaction is shorter than the balance owed.
Example:  The lender agrees to accept $200,000 as a payoff for the loan even if the balance owed is $400,000.

 

Benefits of a Short Sale:

  • SELLER PAYS NOTHING 
  • LENDER PAYS ALL CLOSING COSTS: broker fees, attorney fees, title charges, unpaid taxes, unpaid assessments if applicable, survey, etc.
  • NO COURT LITIGATION 
  • NO HUGE ATTORNEY FEES
  • NO DEFICIENCY JUDGMENTS
  • NO EXCESSIVE CALLS FROM LENDERS
  • SELLER STAYS IN THE PROPERTY LONGER without mortgage obligation DURING THE SHORT SALE PROCESS
  • LESS IMPACT ON CREDIT REPORT ( typically reported as settled debt)
  • CAN BUY REAL ESTATE PROPERTY AGAIN IN 2-3 YEARS TIME
  • MAY AVOID BANKRUPTCY
  • SELLER HAS MORE PEACE OF MIND
  • SHORT SALE  SPECIALIST DOES ALL THE WORK

                In a short sale, seller walks away free and clear from the mortgage liabilities.

 

                            All  Information  contained on this website are for informational purposes only. We recommend that you consult a lawyer for any legal issues.

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