Short SaleJul 24th, 2011 | By Axel Weiss, Bradenton Realtor | Category:
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A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan (called pre-foreclosure sale). It occurs when a borrower cannot pay the mortgage loan on a property, but the lender decides that selling the property at a loss is better than going through foreclosure proceedings.
Consequences for the seller: In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.
Short Sales require the approval of each existing lender who is not paid in full because the sale price is lower than the amount needed. This procedure commonly known as short sale approval can take between 1 and 6 months. During this time frame the
Once the approval is received, the title can can be transferred “free and clear” but the timeframe to complete a short sale depends on various factors and a knowledgle Real Estate professional should be hired by the buyer in order to evaluate the chances.
We are short sale specialists and have completed multiple short sales in the past both on sellers and buyers side.
This information was brought to you by:
Axel Weiss, Broker
Sea to Sky Realty
Bradenton, FL 34205
(941) 866 1666