For homeowners facing financial distress, understanding the difference between a short sale and foreclosure is crucial. Let's explore the concept of a short sale and its benefits over foreclosure.
A short sale occurs when a homeowner sells their property for less than the outstanding mortgage balance. The buyer of the home is a third party (not the bank), and proceeds from the sale go to the lender. The lender either forgives the difference or issues a deficiency judgment against the borrower for the remaining amount owed. We always try to negotiate forgiveness for our seller's.
If you're facing a potential foreclosure, consider the short sale option. While it's essential to act quickly, it's also crucial to seek advice from real estate professional who specialize in short sales to guide you through the process.
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The Ultimate Guide To Selling Your Home As A Short Sale