What is a short sale?
A short sale is when a house is sold for less than the amount still owed on the mortgage. For example, if your home is worth $300,000 and you still owe $400,000 on your mortgage, then you would be $100,000 ‘short’ when it comes time to sell your home. Our job is to then negotiate with your bank to accept less than the balance of the mortgage.
Do I qualify for a short sale?
You must be able to show that you are experiencing a financial hardship such as unemployment, bankruptcy, a medical emergency, or divorce with loss of income to qualify for a short sale. The home must also be less than the balance of your mortgage.
What is the short sale process?
The process is very simple and starts by speaking with one of our specialists so that we can give you a free home evaluation to determine if a short sale is the right option for you. Our team will create a customized selling strategy for your property in order to get it sold for the most amount of money in the least amount of time with the least amount of hassles. Our goal is for you to accept the highest offer so that we can then begin the short sale process by submitting your short sale application to your lender. This can can between 1-4 months depending on your chosen lender.
What are the benefits of a short sale?
With a short sale, your credit will only be affected for about 2 years unlike being foreclosed on which hits your credit around 7 years. This allows you to still have the ability to rent for a few years before you are able to buy a home again. Some banks will also provide financial assistance and pay for your moving costs.
More info on your short sale
We recommend you talk to a trusted short sale specialist when it comes to selling your home. To see if a short sale is right for you, fill out the form below to speak with one of our specialists: