Some Definitions of "Short Sale"
Even though we are now over 5 years into the biggest real estate bear market since the great depression, there is still widespread confusion surrounding the definition and execution of short sales. Hopefully this blog will give you new insight into how to use this tool to avoid foreclosure or to purchase real estate. In many cases, conducting a successful short sale will leave your future credit in a far better place than foreclosure. Yes, executing a short sale can be an arduous and frustrating event. However, with an outline and a base of experience, the odds of being successful are greatly enhanced even before leaving the gate!
A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens' full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.
Over simplified video explanation of Short Sale.
Update: The new HARP 2.0 refinancing option, may help some distressed parties avoid foreclosure or pursuing a short sale altogether!
Contact me anytime to find out what your options are!
Don Mailey
RE/MAX Results
952-212-0968
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