Short SalesA Short Sale is a sale of a home where the net proceeds from the sale are not sufficient to fully satisfy the seller's financial obligations (including mortgage payoffs, closing costs, property taxes, transfer taxes and commission). A package is submitted to the lender to show what their proceeds will be if the contract offer is accepted. For this, we compose a preliminary Settlement Statement showing all costs associated with the sale and the bottom line dollar amount that the lender would receive as a payoff of the existing loan. The Lender, after much negotiation, will approve the amount, make a counter-offer, or reject the amount. When the lender approves a final payoff amount, settlement is then scheduled and the sale can take place.
Short Sales result in numerous benefits to the seller of the property as compared to other options the Seller may be faced with (foreclosure, bankruptcy, etc…). The Short Sale process can be very lengthy and time consuming. The good news is that we are here to help you along every step of the way.
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