Residential Real Estate Specialist

What is a short sale?

A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan. As an example the seller owes $200,000 on their home but knows the present value of the home to only be $180,000. In this case, they would be asking for a short sale payoff where the lender takes a $20,000 loss on the original mortgage amount. In nearly all cases the seller will not net any income from a short sale transaction but in turn will be relieved from their mortgage obligation. Additionally, a short sale appears on the seller's credit report as "pre-foreclosure in redemption", not as "debt discharged due to foreclosure".

What is a bank owned (REO / foreclosure) property?

Foreclosure is the legal process in which the lender forces the sale of a home to repay a debt. In many cases the lender is a bank, hence the term 'bank owned' or REO Real Estate Owned property. In most cases upon taking possession of the property it will be marketed for sale to the public with the intent to payoff the owed debt. There are several options available to a seller facing foreclosure which should be discussed with a mortgage specialist.

How I can help you!

Sellers: Facing financial troubles? Need more information about how to qualify for a short sale or loan renegotiation? Please contact us immediately, we have the experience and resources to help guide you through these processes including possible options to help you keep your home.

Buyers: Looking for the best deals on the market? Tired of looking at properties already under contract? First time home buyer? We specialize in investing in homes available in today's market, whether Short Sales, Bank Owned or exclusive right. Please contact us immediately so we can show you what's currently available directly off the MLS!