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A short sale is a transaction in which the bank lets the delinquent homeowner sell the home for less than what's owed. The borrower finds an agent and puts the house on the market, often at a substantial discount. The hope is that, if the home sells, the lender will recoup the majority of what the homeowner owes. This saves the lender the expense of a foreclosure suit and the possible long-term cost of owning a hard-to-sell foreclosed home.

A short sale doesn't absolve the borrower from the debt he or she incurred with the original mortgage, but it can be better than a full-on foreclosure.

Let's take a look at a few reasons why a short sale may present a better option than letting your home slide into the long, draining process of foreclosure.

Benefits for Short Sale

What do you get out of a short sale?

  • Retain some dignity in knowing that you sold your home.
  • You won't suffer the social stigma of the "F" word: foreclosure.
  • Sometimes there is a relocation assistance fee offered by the investor.
  • Your home can be sold while in either a Chapter 7 or Chapter 13 Bankruptcy. 
  • Normally, no mortgage payments to make, however this is at lender's discretion.
  • Allowed to stay in the home according to the terms of the short sale agreement, while it is for sale.
  • Lenders favor homeowners who selected to do a short sale over a foreclosure or house abandonment, when looking to buy their next home.  

Let our knowledge and experience work for you. 

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