A Short Story about a Short Sale
Exactly what is a Short Sale?
A short sale occurs when the sale of a property does not bring the seller enough money to pay what is owed to the lien holder. When the sale falls short of the amount owed on the mortgage, the bank must agree to release the homeowner of any debt that otherwise may have been incurred. Sounds simple but it can be complicated to execute. Making a short sale purchase can be a long and drawn out process. Sometimes the outcomes are well worth the roller-coaster ride of emotions. Other times they can be a huge disappointment.
Bring in the Professional
Whether you are a buyer or a seller involved in a short sale the best way to handle the process is to work with a professional, ethical and honest Realtor who has experience dealing with short sales and is a certified short sale and foreclosure resource. A Realtor that has not taken the time to be trained, educated and certified to sell distressed properties will not have the energy, knowledge and skill necessary to pull off a successful short sale.
Short Sale vs Foreclosure
A short sale can be one of the best ways for a homeowner to get out of a home that is in an upside-down mortgage situation because it will not completely destroy their credit. The average credit score decline for a homeowner that goes through a successful short sale is 50 points. The average credit score for a homeowner that goes through a foreclosure is 250 points.