Foreclosures and Shortsales
The term short sale has become commonplace over the last few years. Prior to that, it was a term associated almost exclusively with the trading of stocks. Today however – and unfortunately, to say the least – it is a term most often associated with the sale and/or purchase of Real Estate.
Nowadays, many sellers are wondering whether to go for a short sale or allow their home to go into foreclosure, or are asking themselves if there may be other alternatives. Conversely, many homebuyers are asking whether purchasing a Short Sale, Foreclosure or a Traditional Resale property would be the best route for them. It may be difficult for either party to decide on what to do. Understanding the short sale definition – and the entire Foreclosure process from the pre-foreclosure stage to the sheriff sale to the redemption period and beyond - can be beneficial to all in deciding their course of action.
The short sale definition at a glance is this: The Seller’s lender accepts the sale of the property for a sum lower than the face value or total value of the mortgage loan. On the surface, it’s really that simple! However, as is so often the case, one needs to go below the surface for a full and true understanding.
There are really three parties in a short sale—the seller’s lender, the seller, and the buyer. Intuitively we know that the Seller’s lender will be looking out for its own interests and will, in fact, have an entire team of people working on each and every short sale file. It is our belief that the seller should also have a team working on their behalf. In our company, any agent listing a home for sale that has a possibility of “selling short” must attend specialized training and follow a strict protocol so as to ensure a successful and smooth-as-possible sale for our clients. Furthermore, we work in conjunction with a local law firm specializing in Short Sales as well as other Foreclosure-avoidance strategies. The initial consultation is free and the seller-paid fees are based on financial hardship. To receive more information, contact us today. We also strongly believe that Buyers need representation as well. For that reason, our agents are extensively trained and experienced in representing buyers during the purchase of either a Short Sale or a Foreclosure. For more information on our Buyer representation services, contact us.