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What Is A Short Sale? Why Do Homeowners Complete Them?

Real quick today I’d like to give you the Reader’s Digest version of what a short sale is and why people do them. A short sale is a way for you to avoid foreclosure and for your lender to lose less money when you’re in a situation where you’re unable to keep your home. There could be a variety of reasons behind this such as job loss, death of an income earner, job relocation, increased expenses and in some cases people make a business decision to not keep the home because it’s not worth what they owe. In all of these situations we’ve been able to help a lot of people; we’ve completed over 400 short sales in the past four years.

People complete short sales because there are many positives to doing a short sale versus walking away from a home. There is far less impact on your credit in most cases as well as your credit report doesn’t show that you completed a short sale. Foreclosures, on the other hand, go on your credit report as a foreclosure. From this perspective there are all kinds of upsides. Many people complete a short sale for their neighbors; instead of walking away from the home, letting it go to the dogs and taking your neighbors by surprise, when you do a short sale you can sell on your own terms. We’re going to have to sell it at close to market value and your bank understands that it’s only worth what it’s worth. If you can do this, you leave on your own terms and help your neighborhood preserve its property values. This really is just the tip of the iceberg.

If you’re considering a short sale or have heard about it and are unsure if it is for you I’d like to invite you to fill out our short sale request form or give us a call so we can discuss it more with you and explain just how it can improve your situation.

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