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What Exactly Is a Short Sale?
Manage episode 153741293 series 1099829
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Welcome to the second edition of our short sale series. Today, we explain what a short sale is and why it's sometimes the best option for homeowners.
A short sale is when you owe more than what your property is worth and you negotiate with the bank an acceptable price when you go to sell. For example, let's say you have a house that you owe $200,000 on. If the market shifts and your home's value falls to $150,000, you end up selling it for that much. Once various selling fees are deducted, the net selling price may actually be only around $135,000. Obviously, that amount isn't enough to pay off the $200,000 you owe.
In this situation, we negotiate with the bank to allow us to sell your property and forgive the difference between what they receive once the house is sold and what you still owe on the property. While a short sale does damage your credit, it's not nearly as harmful as a foreclosure and can even prove beneficial if you are in a bind. If you have any questions about the short sale process, or if you need real estate assistance of any kind, don't hesitate to give us a call or shoot us a quick email. We're always available to chat!
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