Short Sales

A short sale is the sale of the property by the homeowner for less than the amount owed on the property.

In this case the homeowner lists the property with a realtor and obtains an offer on the property for less than the amount owed. The homeowner does not have the deficiency amount available so the homeowner asks the lender to accept less money than they are owed.

The actual process is quite complex and the “asking” the bank to take less money involves giving the bank a comprehensive financial package to make the decision.

This process requires a skilled realtor experienced in short sales who is willing to help the homeowner prepare the short sale package. It also takes 30-60 days to get an answer back from the bank. This process will negatively effect a homeowner’s credit also.

As a licensed realtor, experienced with short sales, I would be happy to address your concerns and answer your questions about this process.