What is a Short Sale

A short sale is when a bank allows the sale of a mortgaged property for less than the amount that is owed on the loan. Homeowners who want to pursue a short sale must first obtain approval from the bank that is holding the mortgage on the property. Unfortunately we are at a time when many property values have declined to the point where many homeowners find themselves “upside-down”–that is, owing more on their loans than their home is actually worth. With our current economy short sales have become more common in the marketplace as an alternative to foreclosure, and most lenders which in the past would not have considered a short sale are now not only accepting them, but encouraging the process.

In order to pursue a short sale, troubled homeowners should contact a Certified Distressed Property Expert to see whether this is the best option for them. If it is, homeowners will need an agent with this level of expertise and experience to ensure they get the house closed and are given the opportunity to take the next steps toward moving on with their lives.