What Is A Short Sale?
A short sale is when a bank/lender/servicer agrees to accept a reduced amount on a mortgage to avert a probable foreclosure auction or bankruptcy. Under a “short sale” scenario the prospective buyer would be purchasing the home from the lender as opposed to the current homeowner. The benefit to the current homeowner is that they have the opportunity to get from under a home that is currently under water or they have become delinquent and do not have the option of satisfying their delinquent payments to the lender and afford the cost normally associated with a standard real estate sale (i.e. real estate commissions, closing cost, etc.). The benefit to the purchaser is they generally obtain the home for a substantial savings.
In most cases when a lender decides to approve a short sale they have accepted the fact that this is the most efficient and cost effective manner in which to handle a particular distressed property. This is not done out of the goodness of their hart but rather a economic solution that will be less painful than the cost associated with foreclosing on a home. Banks are beginning to realize that homes, in today’s market conditions , are becoming a tough proposition to deal with on their own. Property values are declining in many instances and homes are sitting on the market for extraordinary amounts of time. All the meanwhile, banks are responsible for maintaining homes that have been foreclosed on and paying any costs that are associated.
Boutique Realty Can Help With Your Short Sale Transaction
Whether you are considering listing your home as a short sale or purchasing a short sale, Allen Brodetsky and Boutique Realty along with their team of short sale specialist can assist you in navigating a highly complex real estate transaction. There are many programs out there, like HAFA (HOME AFFORDABLE FORECLOSURE ALTERNATIVES) that are designed to help facilitate a short sale transaction in which losses can be mitigated and the current homeowner can receive up to $3000 in relocation assistance. We encourage you to call or fill out our short sales analysis form and see what Boutique Realty can do help you avoid the painful effects of foreclosure.