The concept behind a short sale is fairly straightforward. It is the process of selling a property for less than the amount of the outstanding loan.
By doing so, a distressed homeowner can fulfill all financial obligations to their lender, transfer the title to a new owner and ultimately take less of a hit on their credit and financial history.
Lenders recover the majority of the mortgage while also avoiding the involved and costly process of foreclosure. And buyers benefit from purchasing a fully vetted property at a discount.
The overall process is far more complicated than a traditional home sale. To be eligible for a short sale, homeowners must first be able to fulfill certain criteria, including proving economic hardship, presenting all financial information in an organized manner, as well as obtaining all necessary documents pertaining to the sale.
A seasoned realtor and short sale specialist can help connect to a qualified buyer and complete all of the requirements, paperwork and necessary due diligence.
Be aware that the majority of lenders prefer to work with a real estate agent that will ensure that their requirements will be met; oftentimes they will not even grant approval to start the short sale process without one.
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As the lender also has final say, it is important for sellers to have a professional that will pay special attention to every step of the process in order to complete a successful short sale.
Receiving approval can take more time than a traditional sale so it is important to work with an experienced agent.
Divito Real Estate Group has vast experience in short sales and is always happy to answer all questions and concerns. To find out if you qualify for a short sale, contact us today. All information shared and discussed is kept private and confidential.