A short sale in real estate is an offer of a property at an asking price that is less than the amount due on the current owner’s mortgage.
KEY TAKEAWAYS
- A short sale usually indicates a homeowner in financial distress, a real estate market in the doldrums, or both.
- The short sale must be approved in advance by the mortgage lender.
- The former owner may be required to pay the shortfall or the debt may be forgiven.
- The financial consequences of a short sale may be less severe than a foreclosure for both the seller and the lender.
- For a home buyer, a short sale can be a good opportunity if approached cautiously.
- We are specializing in short sales and we can help to solve your problem!