Short Sale FAQs
Navigating a short sale can feel overwhelming, but our expert team is here to make the process as smooth and stress-free as possible. From assessing your financial situation and negotiating with lenders to marketing your home and guiding you through closing, we handle every detail with professionalism and care. Our goal is to help you achieve the best possible outcome while minimizing complications.
For a deeper dive into the short sale process and answers to common questions, review our Short Sale FAQs below.
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A short sale occurs when a homeowner sells their property for less than the amount owed on the mortgage. This typically happens when the homeowner is facing financial hardship and wants to avoid foreclosure.
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The homeowner contacts their lender to request approval for a short sale.
The homeowner provides financial documentation and a hardship letter to prove their inability to continue mortgage payments.
The property is listed for sale at a competitive price.
When an offer is received, it’s submitted to the lender for approval.
If approved, the sale proceeds, and the lender receives the proceeds.
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It has less negative impact on credit compared to foreclosure.
The seller may avoid a deficiency judgement in some cases.
The homeowner maintains some control over the sale process.
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Generally, sellers cannot profit monetarily from a short sale. The proceeds go to the lender to pay off as much of the mortgage as possible.
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Unlike regular sales, short sales can take months to complete due to the lengthy approval process.
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This is less common, as short sales typically occur when the homeowner owes more than the property’s value. However, each situation is unique and subject to lender approval.
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Short sales are initiated by homeowners to avoid foreclosure.
Foreclosures are legal processes initiated by lenders when borrowers default on loans.
Homeowners have more control in short sales, while lenders control foreclosures.