Home Seller
What is a short sale?
A homeowner is short when:
Homeowner are “short” once they owe an amount on their property that when combined with closing costs and commissions equals more than the current market value.
A Short Sale happens when:
A negotiation is entered into with the homeowner’s mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is “sold short”.
A Short Sale is a method of avoiding foreclosure. Foreclosure can have devastating consequences for a homeowner. A foreclosure entry is almost impossible to ever get off your credit report. You many lose more than 300+ points on your credit score. Future employers often do not hire individuals who have had a foreclosure. You will have to disclose foreclosure on future mortgage and credit applications. Jobs involving government clearance may be denied to you.
For a bank or mortgage company the advantage of a short sale is in avoiding the huge costs in taking a property in foreclosure. Often a bank will lose up to 50% of the value of a house in foreclosure. If possible a short sale is a better remedy for them.
A Certified Distressed Property Expert like Michela Terrazino can help you decide whether a Short Sale is possible for you. We help you through all the phases of this complicated process.
IMPORTANT GOVERNMENT DISCLOSURE: Michela Terrazino and Michela's Homes are not associated with the government, and our services are not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.