About Short Sale

With the real estate market benefitting home buyers, many people are looking to buy property in the near future. A short sale works in the benefit of the buyer and gets the home out of the hands of the present homeowner. A short sale is when a lender agrees to accept a lower selling price as the payment in full, preventing a foreclosure on the homeowner’s credit.

Sometimes the cost of selling a home can be more difficult than the cost of a short sale. When selling a home, a realtor and homeowner must keep in mind the real estate commissions, taxes, closing costs, title fees, liens of record and the balance of all loans of the home including interest fees. In a short sale, the price is determined by the cost of the selling price minus the appraised value.

A short sale package is what the bank or lender requires before taking a discount on the mortgage. Make sure to include all of the required paperwork, research of the neighboring area, photos of the home’s inside, outside and any flaws, a handwritten hardship letter from the homeowner and any other materials you think may lower the price of the home. Once you have all of these materials submitted to the lender, you’ll be negotiating for a lower price in no time. A short sale Negotiating Company can help you with all that as Packets are provided.