Short Sales

A "Short Sale" is when a homeowner sells their property but the sales proceeds will not be sufficient to pay off the secured loan(s) and the mortgage servicer agrees to accept less than the full amount owed on the mortgage upon the sale of the property.

Homeowners cannot simply decide to request a Short Sale; the mortgage servicer must agree. The keys to approval of a Short Sale include the following items:

  • The homeowner has no financial resources to pay the mortgage.
  • The homeowner has no assets to cure the default (bring the account up-to-date).
  • The sale price offered by the buyer is fair market value.
  • The property is in marketable condition.

A Short Sale can be completed at no cost to the homeowner. The mortgage company pays the real estate commission, seller concessions, closing costs, downpayment assistance and some repairs, if needed and agreed by the seller and mortgage servicer, to improve the marketability and financially qualify the home.

Benefits

A Short Sale is an amicable solution to a challenging problem. The homeowner wins by selling the home, paying off the mortage(s), and moving forward without a foreclosure record on their credit reports. A Short Sale is less damaging to a homeowners credit rating when compared to a foreclosure or bankruptcy. The mortgage company wins by saving the additional expense and time of the foreclosure process and removing a non-performing loan from its loan portfolio.

If you are faced with financial difficulty, please call Christine Jordan, certified Short Sale Specialist, at 770.378.8979 to discuss your situation. All discussions will be kept completely confidential.