Tag Archive | "short sales"

What is a SHORT SALE?

What is a SHORT SALE?

We are frequently asked “What is a short sale”? Even if sellers don’t know this term, many understand that they owe more on their mortgage than they can sell their home for on the open market. In a short sale, the property is sold and the lender agrees to accept less than is owed on the mortgage, releasing the lien that is secured to the property. Banks do not approve all short sales and their are guidelines for sellers considering a short sale.

Short sales may be the result of a few things: The seller purchases in a higher valued market and the market declines below the mortgage amount or the homeowner creates too much debt against the house thus being “upside down”. Many homeowners may feel that they have no options to sell their home. A “short sale” with the bank may be a viable option to sell their home or to avoid foreclosure. Having information and access to knowledgeable resources is critical for the homeowner to make sure they limit their liability.

Due of the number of short sales and the need in the market, we have developed a resource known as the “SAF Program” (Short Sale And Foreclosure) which assists homeowners throughout the short sale process. I will be posting additional information in the next few weeks. ┬áPlease let me know what questions you have or what information you would find helpful whether you are a seller or considering buying a short sale. If you need guidance, please contact me at (203)253-9222 or email me at MRiley@prudentialct.com and we will get the resources you need.

Posted in CT Real Estate, Fairfield County Real Estate, Weston Connecticut Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Wilton ConnecticutComments Off on What is a SHORT SALE?


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