Short Sale Information

Short Sale Information

Do you owe more than your home will sell for?

What is a Short Sale?

Basically, a Short Sale is when you owe more on the property than it will sell for in the current market. With this occurrence, you can only sell your home with the lender's approval to accept less, or short, than the amounts owed against the property.

The term "Short Sale" is becoming a more common term in today's current housing market. More and more home owners are finding themselves facing a hardship and tough times selling or refinancing, due to a number of different reasons. If you have experienced any sort of hardship, you may qualify for a Short Sale of your home and we can help. I have 19 years of experience in our local market dealing with Short Sales. I have a dedicated Short Sale Manager and team to handle Short Sales. We have an excellent Short Sale approval rating with all of the national lenders we have worked with. We get almost every Short Sale approved after we take a listing and counsel all of our clients.

How does a bank benefit from a Short Sale?

Banks are in business to make money off of their money, not owning homes. Selling and accepting less than what is owed is still more profitable for the bank than selling a home at auction.

So why would a bank want to accept less?

One reason is foreclosures are costly. It costs the banks $40-50,000 to proceed with a foreclosure. Why spend even more of their losses foreclosing on a property that they can accept a Short Sale on? Exactly! A Short Sale usually means a higher net to the bank.

Another reason is by listing your home for sale, the bank gets a licensed, successful Short Sale Realtor to actively market your home and bring in the highest and best offers. This clearly brings in more offers at higher prices than auctioning at the courthouse.

Bottom line is the Bank does not want your home back through the foreclosure process and often times are willing to allow a short sale of your home. If you want additional information about a short sale listing, please e-mail Leslie or give us a call.

Your listing will be marketed as any other listing would be, including listing in the MLS, your very own listing page and a numerous of other advertising methods. We bring the offers in!

Complete our short sale form and we will get right back with you.

For more information regarding Short Sales, call Leslie Arnott direct at 916-773-6139.

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