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 Over the last several years a lot of buyers have bought homes, intending to live in them for many years, then something happened - maybe good, maybe bad, but regardless - they don't have a choice. Some owners have to move.
When most homeowners move, they sell their house. Usually, that's not a problem. For some people nowadays, it is a problem.
Because of the easy financing, rampant speculation, flipping, and sometimes fraud, home values skyrocketed most everywhere. That came to an end recently and values plummeted in some areas. Even when values are stable, sometimes there just isn't enough money in the property to pay off the mortgage, and then pay all the selling costs and moving costs.
What happens then?
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 A short sale is defined as a pre-foreclosure residential transaction where the owner of the mortgage loan and the lender agree to allow the home owner to sell his or her property for less than -- or “short” of -- the outstanding amount owed on the mortgage loan, and to release the property from the mortgage. If you owe more on your property than it is actually appraised for, then one of your options is to short sell and avoid foreclosure. Call us to see if we can get you qualified for a pre-approved short sale. |
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