Understanding Short Sales

A real estate short sale is a negotiation between a homeowner and their mortgage lender for the lender to accept less than they are owed for an outstanding loan.

Typically a short sale is a win-win situation for all parties involved in the transaction. In a short sale, the seller arranges with their mortgage lender to accept a price that is less than the amount they owe on the property. As part of this arrangement, the lender typically agrees to forgive the rest of the loan, so the buyer picks up a property at a discount price. As a result, the seller doesn't have to go though a foreclosure, and the lender avoids taking on the burden of unloading the property.

Sounds good right? Well, sellers need to know that a short sale may damage their credit, but probably not as much as a foreclosure. Also it is necessary to know that the process of a short sale is very tricky and requires patience, skill, and expertise, which you can find it all by calling World Team Realty short sale department at (888) 215-TEAM.

We have help thousands of homeowners and agents across the nation to short sale their properties. So if you can no longer afford to keep your mortgage payments current, please call World Team Realty short sale department at (888) 215-TEAM.