What is a Short-Sale?

Basically a Short-Sale is a term to describe that a lender/lien holder may approve the seller to sell the home for an amount that is less than what is owed. In other words, Short of the money needed to close the transaction. This is usually a process to prevent foreclosure.

Let Alan’s experience work for you in completing a successful purchase or sale without the surprises that can arise in the Short-Sale processes.

The person, bank, and others holding the lien will sign off on the contract in advance, indicating the approval of the Short Sale.

For sellers (Mortgagor’s history), a short-sale will still show up as a negative mark on a credit report.

Some properties will be listed for-sale before the lien-holder has approved the short-sale. Some offers on Short-Sales may result in wasted time and anticipation of an accepted offer or may be just at the right time and end up a deal of a life time.