For Sellers.....A short sale is a loss mitigation soution. 
It is the pre-foreclosure sale of a home which is completed through negotiation with the existing lender(s) in which the lender(s) agrees to accept less than the full amount owed to satisfy the debt, allowing the debt to be paid off and settled "as agreed". For example: You can no longer afford the mortgage for whatever reason -- perhaps the interest reset because it was one of many variable-interest mortgages approved by lenders, or maybe you have to relocate to another city -- so you need to negotiate with the bank to sell the property before foreclosure occurs.You owe $300,000 on your mortgage but the current market value is only $250,000 for your property. Your agent gets a $250,000 offer and negotiates with your lender to accept this lesser amount as payment in full. This is a settlement "as agreed." If you are a home owner who needs to sell in this challenging market, a short sale may relieve you of debt and put you on the road to regaining your peace of mind. Don't delay, get more informed today. Time is not on your side when you're facing foreclosure. For Buyers.....A short sale is a once-in-a-lifetime opportunity. A short sale can enable a home buyer to purchase much more home for your money than would otherwise be possible. But the conditions for securing such a bargain must be just right...like they are right now, in this current market. Because the lenders will often settle for pennies on the dollar in pre-foreclosure sales, home buyers can snag a real bargain.....IF they have the patience to wait out what can be a lenghty process of 45 - 60 days or more. If you would like to find out more about the Short Sale Solution and how it might work for you... contact Elva Branson-Lee today. 770-475-1130 extension 8988 Elva is a Certified Distressed Property Experty (CDPE), a specialist in helping sellers and buyers successfully navigate the sometimes tricky waters of the short sale. |