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Short Sale FAQ

What is a Short Sale?

A short sale occurs when a lender accepts less than the amount owe on the mortgage. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the benefit is having a short sale rather than a foreclosure on their credit report. In summary, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed.

How do I benefit from a short sale?

Most people who are considering a short sale are behind on their mortgage payments or are going to be soon and facing foreclosure. A short sale will have less of a negative impact on your credit than a foreclosure. However, if you have missed mortgage payments, you are going to have some negative impact on your credit score. It can vary for each person. We always encourage homeowners to consult with a CPA or attorney to fully understand the pros and cons of doing a short sale.

I know I want to do a short sale, how do I get started?

Fill out the form to the right and give us a little information and one of our licensed real estate agents will contact you.

Are short sales guaranteed to work?

No. Even though short sales are increasing the banks have to approve the sale. Each bank has their own guidelines to determine if they are going to approve a short sale. That being said, you won’t know unless you try and if we believe you have a good opportunity, we will give it our best try.

How long does a short sale take?

A short sale can take 30 – 90 days and sometimes longer. The earlier in the process we can contact the banks with your file, the better the chance that we can get the short sale completed. If you are a week away from a foreclosure auction, there is a slim chance that we can get that auction postponed, but the best option is to contact us well in advance of any auctions.

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