What is a Short Sale?
A Short Sale is the sale of a home when sales proceeds do not fully pay off the existing loan(s) and lender(s) accepts a discounted payoff to fully satisfy the loan. A typical situation would be a homeowner suffering a hardship and their home’s market value is less than what is owed to the bank. In the majority of these situations managed by the Viki Benbow Team, the existing lender pays virtually all sales costs, including commissions, escrow and title fees. The homeowner gets their home sold, the loan(s) paid off and foreclosure is avoided.
Is a Short Sale right for me?
Mortgage lenders are increasingly willing to work with borrowers faced with a financial hardship to accept a discounted payoff on a mortgage. If you are faced with a hardship that makes it likely you will be unable to meet your obligation on your mortgage, your lender would prefer to settle the matter with you as opposed to taking the property through foreclosure.
As you consider the option of pursuing a Short Sale, remember your lender is looking to limit any potential loss on your loan. By completing a Short Sale, your lender has arrived at a solution that is, for them, much better than a foreclosure. Bottom line, your lender wants to work with you.
How do I get started on a Short Sale?