A short sale occurs when a lender agrees to receive less than the full loan balance due to a hardship on the part of the borrower. A short sale is a negotiation done through the lender’s Loss mitigation department. The distressed homeowner hires a licensed REALTOR to list, market and sell the property for its current market value, even if less than the outstanding balance of the loan. Since the lender is receiving less than what it is owned, a short sale requires the lender’s approval before the sale can close.
A short sale is executed to prevent a home foreclosure. Lenders will approve a well planned, well prepared, well presented short sale in order to avoid the costs of a foreclosure that can reach tens of thousands of dollars.
The advantages that a successful short sale brings to a homeowner are too numerous to list here, but they include the end of the foreclosure proceedings against the borrower, minimum impact on the credit history (compared to the devastating impact a foreclosure would bring), ability to maintain current employment and obtain future employment. A short Sale is a complex, detailed and time consuming transaction and a distressed homeowner’s financial future solely depends on his/hers decision of hiring a professional who specializes in and is an expert on Short Sales.
SELL YOUR AVENTURA REAL ESTATE WITH
Green Realty Properties® ~ 954.667.7253
Patty Da Silva CDPE – BROKER at Bank of America Conference
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