What is a Short Sale?
By Debbie Summers, Lake Mary REALTOR on April 12th, 2010Real Estate 101… Short Sales
A few short years ago many people had never heard of a short sale, today short sales make up a large percentage of the available homes for sale in Seminole County. The dramatic market changes have made short sales the rule and not the exception.
A homeowner is “short” when…
A homeowner owes more on their property than it’s current value and they want to sell their home .
A short sale occurs when…
A homeowner lender(s) accepts less than what they are owed at the time the house is sold. The associated costs to sell a home; real estate brokerage fees, taxes and closing costs are paid before the lender and the lender accepts the balance of the proceeds from the sale.
What isn’t “short” about a short sale…
The time that it takes to get the lender’s agreement to accept a short payoff (also known as third party approval) in order for the buyer to close escrow on the property. Although there is a new program in place: Home Affordable Foreclosure Alternatives (HAFA) to unify how lenders handle these transactions, this program is less than a week old and certainly will take some time to make an impact on how lenders process their short sales.
If you are considering purchasing a Short Sale please read: “Buying a Short Sale? Buckle Your Seatbelt”
If you owe more on your property than it’s worth, please contact me at Debbie@MoveToLakeMary.com for a confidential consultation regarding your situation or pre-qualify yourself for a Home Affordable Foreclosure Alternative Short Sale by answering a few questions by selecting this link.
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