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Short Sale
A type of transaction that occurs when a homeowner is in serious financial trouble and decides to sell their property for less than what they owe on their mortgage. In this situation, the lender agrees to accept less than the full amount owed to them in exchange for releasing the lien on the property and allowing the sale to proceed. Short sales can be a viable alternative to foreclosure for both the homeowner and the lender. For the homeowner, it can help avoid the damaging impact of a foreclosure on their credit score and allow them to avoid the emotional stress of losing their home. For the lender, a short sale can be a more cost-effective solution than going through the foreclosure process. It is important to note that short sales can be complex transactions and require the involvement of experienced professionals such as real estate agents, attorneys, and lenders.
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