A Short Sale is when the borrower owes more on the house than it is worth and a hardship makes it necessary for the borrower to sell the property.  If the borrower doesn't have the funds to pay the lender the difference in what the property is currently worth and what is owed on the property, then the borrower ask the lender to consider taking less than what is owed on the property.

Normally in a short sale situation, the borrower is behind on the mortgage and catching the mortgage up to date in the near future is not an option.

When this occurs, the borrower should immediately look at the options that are available and if it comes down to a point when foreclosure looks like an option in the future, then the borrower should seek professional assistance from a short sale trained Realtor. 

Since the lender normally pays all of the closing cost plus the Realtor commissions, then it cost the borrower no more to have a highly trained professional Realtor working for them in the short sale process.  By doing this the borrower has the best chance of a short sale being approved.

Currently, only about 17% of short sales are approved when you consider all of them and the fact that a large majority of them are handled by Realtors, that have little or no training in the short sale process.  When an experienced Realtor trained in short sales is used by the borrower, the average goes up to 80% or higher.

A Short Sale is the best option over Foreclosure and Deed in Lieu of Foreclosure.  Talk to us and let us explain your options.