The definition of a “short sale”: when the seller/owner of a property owes more money on the loan than the sale of the property will likely produce on the market. In most cases the seller is unable or unwilling to bring money to the closing due to a hardship.
It could allow the seller to stay in the property longer.
It could allow the seller to close on his/her property with a zero balance.
The seller may not have to bring money to closing.
Possibly forgiveness of any deficiency owed.
No foreclosure on the seller’s credit report.
May avoid bankruptcy
Rebuild new credit history sooner.
(lenders guidelines and rules may vary and all information may not pertain to each seller)
Contact me Tee Rynerson: short sales are one of the fields that I specialize in. I will schedule a brief, confidential meeting to discuss your options, and inform you of the documents and requirements your lender may need before approval. Allow my experience to unburden you from some financial worries.