If you’re struggling to afford your home, owe more than your property is worth, or are unable to sell in today’s market, short sales may be the right solution.
A short sale is a real estate transaction where a homeowner sells their property for less than the total amount owed on the mortgage. In this situation, the lender agrees to accept a reduced payoff and releases the lien on the property, allowing the homeowner to avoid foreclosure.
Short sales often occur when property values decline and homeowners experience financial hardship. Because the lender must approve the sale, the process can take longer than a traditional home sale. However, for many homeowners, a short sale provides a better financial outcome than foreclosure and a chance for a fresh start.
Working with experienced real estate professionals is essential to successfully navigate the short sale process.
