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What is a short sale?

A short sale may help you sell your home - even if you owe more on your mortgage than you home is worth.

Like many homeowners, you may feel like the lender is giving you no direction - no hope. Many lenders offer a short sale option to help you sell your home for a price close to fair market value or if eligible, many lenders will agree to settle your mortgage debt for less than what you owe.

That's why it is called a "Short Sale."  The bank is agreeing to accept the "shortage", i.e., the difference between what you owe and the price the bank will accept if someone offers to purchase your home.

A short sale may be an option if:

  • You have a financial hardship
  • The value of your home is less than the mortgage debt
  • A loan modification is not an option
  • You meet other qualifying factors

Why lenders feel a short sale may be a good option for you?

If you're not eligible for a loan modification, or a modification is not the best option, your lender would rather help you avoid foreclosure - in return saving the lender a lot of time and money in the foreclosure process.

A lender finds a short sale helpful because they can:

  • Avoid the cost of a foreclosure sale
  • Avoid the financial loss from missed payments
  • Help you find a better exit from your home
  • Give you relocation assistance up to $2,000 which is considerably less than they are losing

Do you want to learn about your short sale options?  Contact me today for your private consultation. There is no fee and you are under no obligation. What do you have to lose? Contact me TODAY.

 

 

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Margeau Gilbert
Exit Right Realty
8730-16 Cherry Lane
Laurel, MD 20707
Direct: 240-462-1955
Office: 301-362-4500

Email: sold2settle@yahoo.com

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