Information About Short Sales

In the past lenders rarely accepted a short sale but dramatic changes in the market have made lenders much more negotiable when it comes to these transactions.

Short Sale Defined

A homeowner is "short" when:

• A borrower owes an amount on his property that when combined with closing costs and commission is higher than the current market value.

A short sale occurs when:

• A negotiation is entered into with the homeowner’s lender or lenders to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is “sold short.”

Foreclosure vs. Short Sale -- Consequences for Homeowners (.PDF)

This sounds easy enough however this is an involved process that takes time, patience, good communications skills, organization and professionalism. That’s where your CDPE© comes in. Contact us today and make us a part of your team!