Short Sales

What Is A Short Sale?

(Pre-Foreclosure)

Basically a short sale occurs when a home is sold for less than the mortgage amount and the bank, or lender, is “shorted.”

If one is facing the threat of possible foreclosure and the value of one’s home is less today than the mortgage amount, AND if one can prove financial hardship, this person is most likely a candidate for a short sale.

 Today many cannot continue making their mortgage payments due to job loss, medical bills, or due to a death or recent divorce causing financial hardship.  Too many people in this situation are letting their homes go into foreclosure.  We’ve been told that 70% of those who lose their homes to foreclosure never even tried to avoid the foreclosure!

As Realtors we are trying to get people more informed about short sales.  A foreclosure is very bad for any homeowner, as it seriously damages your credit for the next  8-12 years!  It’s also bad for the house as that tends to stand empty for months to years and gets neglected and run down.  It’s bad for the neighborhood and our economy in general as it draws down housing values more so than the short sales do.  And for as long as our housing values stay down and we have such a surplus of homes on the market, our economy cannot recover.

When a homeowner successfully does a short sale, they very often walk away owing nothing, and typically only with a “blip” on their credit that goes away after 2-3 years.

 Short sales take experience and patience—both of which I have!  I also have a whole support team behind me, starting with an attorney who will consult with you for FREE to see if you are a short sale candidate. It is important to avoid any person or office who says they can help you but first asks you to put down a sum of money.  We at Century 21 Beggins do not operate that way.  We first give you the information you need and advise you as to the feasibility of a short sale (or possibily the need to go the foreclosure or bankruptcy route). 

If you are a buyer and hope to get a great deal by buying a short sale property, you must be aware of the issues and time delays involved (and have a lot of patience). 

Call me at 813-523-1755 to learn more, or to set up an appointment for legal advice.