For individuals interested in selling their home but unable to find a buyer to cover the balance of their mortgage, a Short Sale must first be approved by their lender to complete the sale of their home. This transaction is available only for individuals who owe more money than the value of their house, otherwise known as being “upside down” or “underwater.” For these individuals, their homes are appraised for an amount that is lower than the balance of their mortgage. For example, an individual in a house worth $200,000 with a mortgage balance of $250,000 would have to have their lender agree to a short sale to complete a sale of their house for an amount less than $250,000.
Short Sales are a difficult process and our experience can help ease the transaction for our clients. No legal fees are charged for the bank negotiations and no fees are required from the Seller as part of the listing or negotiations. We only ask that you trust us as your Realtor and we will back that up with our experience of interacting with Mortgage Servicers and Banks and help get the Short Sale approved and completed.