A short sale is: When a house is not worth the amount needed to pay off the mortgage or lien holders and selling costs. The bank or lien holder agrees to take less than they are owed so that the sale can be complete. They do this to avoid a long drawn out foreclosure saving time and money. A short sale will harm credit far less than a foreclosure.
Often sellers of short sales are able to purchase another house 2 years after the short sale. In addition, with a foreclosure the foreclosed party is responsible for the deficiency (the difference between what the house sells for at auction plus foreclosure expenses and what is owed on it). Even if the sale date is today you have alternatives to foreclosure, which will allow you time consider your options and keep you in your home.
Agents who do not specialize in short sales do not know the nuances of getting a short sale completed. Your previous agent may have been a great agent but that does not make them a great short sale agent. The industry average for completing short sales is less than 1 in 4. Our average is over %90.
Often sellers of short sales are able to purchase another house 2 years after the short sale. In addition, with a foreclosure the foreclosed party is responsible for the deficiency (the difference between what the house sells for at auction plus foreclosure expenses and what is owed on it). Even if the sale date is today you have alternatives to foreclosure, which will allow you time consider your options and keep you in your home.
Agents who do not specialize in short sales do not know the nuances of getting a short sale completed. Your previous agent may have been a great agent but that does not make them a great short sale agent. The industry average for completing short sales is less than 1 in 4. Our average is over %90.
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