Short Sale Mitigation

A Short Sale occurs when a bank agrees to sell a property for less than the owed mortgage. We can work with owners and buyers to make the best of a rough situation for everyone!

Why would a bank accept less than the mortgage?

When the market value of a property falls below the amount owed, a property can easily fall into foreclosure, which is an expensive proposition for a bank. If the bank is going to lose money anyway, a short sale can be a quicker, easier and less costly solution than foreclosure.

Why would an owner sell short?

The property owner might be unable to meet their current payments, they might need to move for employment reasons in a down market, or they might simply want to be out from under an "upside down" mortgage. A short sale does not automatically imply financial duress, so you can't assume the seller has a deadline. The owner is also not the only final word on the sale. The bank must also agree to the sale. An experienced Realtor can assist in working with all the parties involved.

Contact us for more information on Short Sales.