What Exactly Is A ‘Short Sale’

Given the turbulent housing market this past year or so has led to an obvious increase in the number of foreclosures across the country, and even here in our backyard in Fort Mill SC and Rock Hill SC. This means an increased inventory of homes available for purchase, which in turn means lower home prices for both those buying and selling real estate.

Well, while a foreclosure is the worst possible scenario for someone that has fallen behind on their mortgage payments and it’s something you want to avoid if all possible, there are other options.  One of those options is something called a ‘short sale’.

As it relates to real estate, a short sale essentially means the lender has agreed to allow the home to be sold for LESS than what is actually owed.  Now, not all homes qualify for a short sale simply because not all lenders will allow the home to be sold for less than what is owed on it.

If you’re in a situation where you feel like you’re about to lose your home, investigating the possibility of selling it via a short sale might be a good option, but as with everything in life you MUST do your own due diligence.

You certainly want to consult with your accountant and an attorney familiar with real estate short sales.  You’ll find a great list of steps you could expect to have to take in order to sell your home via short sale right HERE.

On the buying side, purchasing a home via a short sale is much, much less certain a process than buying an average home listed for sale.  You’d be wise to consult with a qualified real estate agent that has some experience working with real estate short sales.

If you have any questions about either selling your home via a short sale or purchasing a home via a short sale, I have experience in both so please don’t hesitate to CONTACT ME.

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