Short Sale What is it?

A short sale is an arrangement with your lender in which you are permitted to sell the property for less than you owe. This is a method of disposing of your home without having the lender foreclose on you. In many cases the lender pays your closing cost and your realtor's commission. Not all lenders papprove a short sale. They are in the business of lending money, not owning houses. The decision depends on a number of factors: Where is your house? How much loss will the lender suffer? What is the possibility that an investor would buy the property at a foreclosure sale? Each lender has its own requirements. You will need to prepare a comprehensive letter explaining why you are requesting the short sale. It is much like the paperwork you completed when you applied for the loan, only in reverse. Now you must prove to your lender that you are in financial distress and can't afford the monthly payments. The short-sale process often works but is complicated, time-consuming and uncertain, which is why choosing the proper agent is critical. It could save you time, money and your credit history. Interview your agent before hiring him or her. Some agents don't do short sales at all, because it's not guaranteed they will get paid. If you start early, before you miss your payments and before your lender notifies the credit-reporting companies, you are ahead of game and have a better chance of succeeding

For list of homes that are bieng sold for short sale or You yourself qualify for a short sale, contact
Edwin Gerace at 803-609-7653