What is a Short Sale?
Why would a bank be willing to do a Short Sale?
How much does it cost?
Do I qualify for a Short Sale?
How long does a Short Sale take to complete?


What is a Short Sale?

A Short Sales is when a property is sold for less than the what is owed to the lender. This is after all sales expenses, including brokerage fees, are taken into account. In order for this to occur, the lender must accept a discounted payoff and the sale cannot be completed unless the lender agrees to the terms presented.

Why would a bank be willing to do a Short Sale?

A Short Sale can be a win-win solution for the home owner and the lender. The lender does not have to go through the lengthy foreclosure process and gets the highest price for a quick sale at a market price. Once a home is foreclosed on, it could be months before the home is put back onto the market and once it is on the market, it could be months longer before the home actually sells. With a Short Sale, the home does not sit vacant and this causes less of a chance for vandalism.

How much does it cost?

A Short Sale will cost you nothing. The home is sold "As-Is" so there are no cost to you for repairs. The lender must agree to all of the terms of the sale which includes paying commissions and any seller paid closing costs.

Do I qualify for a Short Sale?

Possibly. You must have experienced some sort of hardship to qualify for a Short Sale. This hardship could be a number of different things. It could be a divorce, job loss, loss of income, interest rate increase or a medical situation. These are just few of the possible situations that you may be experiencing. Please contact us to determine if you qualify for assistance with a Short Sale.

How long does a Short Sale take to complete?

It depends on the type of loan that you have and your lender. At this time, no Short Sale is a fast process. You can expect for the Short Sale to be completed no sooner than 60 days and sometimes a Short Sale may take up to 4 or 5 months from beginning to end.