Frequently Asked Real Estate Questions-Ep. 13

What is a short-sale?

A short-sale happens when a home owner does not have enough money or equity to cover the mortgage(s) to release the lien placed against the property. The owner must request that the lender accept a lesser amount than owed and release the lien against the property.

What about commissions and cost to sell?

These costs become part of the short sale and you, the seller, are requesting the lender pay these costs for you.

I have successfully completed many short sales. If you or someone you know has questions about the short sale process, please reach out to me. Let’s discuss a short sale in detail and see if it is the next best step for you. If you do enter into a short sale situation, please be sure you are working with an agent who knows how to work short sales and has had success getting them closed in the past.

If you are a buyer looking to buy a short sale property you want to make sure you understand the process as well. A short sale transaction will take longer than a non-short sale transaction and you need to be prepared for what can happen along the way. Again, be sure to work with an agent who knows the short sale process.

Please keep me in mind if you or someone you know is looking to buy, sell, build or invest in real estate. I appreciate your referrals!