15 Frequently Asked Short Sale Questions

1. Define a Short Sale?

A short sale is the process through which your mortgage company agrees to settle for less than what is owed to them.    

2. Why would a lender accept a Short Sale?

Lenders do this as an alternative to the expensive and time consuming process of foreclosure.  Each mortgage company has their own set of processes through which they decide whether or not to accept a short sale.

3. What happens to a seller's credit rating when there's a Short Sale?

There are many factors which influence credit rating and the way a short sale is reported to the credit agencies may vary based on the lender and short sale approval.  In addition, the seller's credit history before and after the short sale is also one of the contributing factors.  Short sales may be reported as a debt settled for less than originally owed or pre-foreclosure in redemption status. 

4. How does a buyer acquire a Short Sale?

A short sale results in a discounted purchase price for the buyer.  The buyer would finance the acquisition much the same manner as in any other realty acquisition: cash, conventional financing, etc.  Buyers should understand that shorted lenders may take 30 - 90 days to approve a short sale... patience is definitely required.

For more answers, contact us.  We are committed to helping Sellers and Buyers.  We specialize in Short Sales.

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