Selling A Home As A Short Sale?

By Author: Norris Monson
Total Articles: 1
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Short sales are often looked upon as too good to be true. Why would a lender allow a homeowner to sell their property for less than what they owe and forgive the outstanding balance? Contrary to popular belief, a lender DOES NOT want to take possession of a distressed home. Lenders lose tens of thousands of dollars and valuable resale time in the foreclosure process. Approving a short sale will save them money and get bad debt off of their books.

Just like a regular sale, the property is transferred from seller to buyer in a short sale - there is still an inspection period and an appraisal. The only difference is that the lender must approve the sale because the net proceeds of the sale will not satisfy their lien against the property. In a foreclosure, the lender takes possession of your home through a legal process, becomes the seller, and then resells the property.

To get questions answered about whether a short sale is the right decision, a seller should seek an experienced short sale realtor. It is imperative to have an experienced short sale real estate agent to negotiate with the lender. Just ...
... because you know a realtor or have worked with one successfully in the past does not qualify them to work on a short sale transaction.

If you think you may be eligible for or are interested in a short sale, please contact an experienced short sale realtor to discuss your current situation.
The Monson Corcoran Group are licensed Realtors in Portland, Oregon and specialize in assisting home owners facing foreclosure. More information regarding short sales can be found at Oregon Short Sale Advisors.