WHAT IS A SHORT-SALE
If you are reading this post, chances are you are either looking to buy a home or trying to sell your home. If you are, there is a great chance that you have seen advertisements for short-sale properties. About 9 out of 10 of my new clients do not know what a short-sale is so I decided to write this quick post to give you the quick skinny!
A short-sale is a sale where the home owner's mortgage lender agrees to a loan pay off less than the balance owed. For example, if Joe Smith owes $500,000 for his home and decides to sell his home for whatever reason and can only sell it for $400,000, that my friend is a short-sale scenario.
This can be a great option for home owner who can no longer make their payments or to get out of a bad loan. A Short-sale takes an easier hit on your credit history unlike foreclosure or bankruptcy. In some cases, a homeowner who has a short-sale history can purchase another home as short as 2 years later. It can also be a great opportunity for the "patient buyer" to find great bargain deals!
Obviously, the bank has the final say on how much the home will sell for in the end...but it can be a win-win situation for all.
For more information on short-sale and short-sale properties, please visit www.hottestsandiegohomes.com or call John at 619-415-4688
John Noveras is a fromer United States Marine Corps Captain turned Real Estate Professional.
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