Among the real estate questions I am getting beside "How is the Real Estate Market?" is what is a Short Sale? By definition, a short sale is a work out program that allows borrrowers to sell their property, even if the proceeds are less than the loan payoff amount due to low property value. The lender will usually agree to this arrangement if they feel that it will result in a lesser loss than going thru Foreclosure, or deed-in -lieu, and is faster and less expensive.
Short Sale, Foreclosure and Deed-in-Lieu can all have a significant impact on a homeowners credit. How banks handle each of these scenerios can be different. Be sure to consult your lender or a real estate attorney to investigate all options.
Call me to answer your questions on Short sales, including where to get started or any other real estate questions you may have.
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