Information About Short Sales
There are so many reasons we become swamped by the costs of our homes. Did you get caught in the predatory lending? Is your adjustable rate mortgage skyrocketing out of control? Did you buy new construction and not have the true costs of property taxes and insurance factored into your monthly payments? Medical problems? Job layoffs or cut backs? Unexpected death or serious illness? Whatever the reason or combination of reasons, HUFF can help.
What is a Short Sale?
A real estate Short Sale is a form of agreement between the seller of a home in the beginning stages of foreclosure and their lender, allowing the home to be sold for less than the existing loan balance outstanding. The mortgagee would accept less than the loan amount in order to avoid a foreclosure proceeding. This short sale would result in a substantially discounted purchase price for the buyer of the home. The buyer would then proceed with the purchase of the home much the same as in any conventional realty transaction.The best part, the existing lender pays virtually all sales costs, including commissions, escrow and titles fees. You get your home sold, your loan(s) paid off and you avoid foreclosure.
You Have Options!
If you have fallen behind on your mortgage, you will receive information - and lots of not so subtle suggestions - from many people who want to take advantage of your temporary misfortune. They will tell you that time is your enemy and that you must act immediately to save your credit. That will normally be followed by a proposal to solve your problem by selling or deeding your property to them. Don't do it! Don't do anything until you understand your options.