What is a short sale???

A Short Sale is when the home is sold for less than what is owed on it due to market conditions, distress refinancing, or unfortunate circumstances of the seller. The Seller's real estate consultant will list the home for sale in alignment with current market conditions. Right now many homeowners owe more than their home is worth much due to the refinancing frenzy. Upon receiving an offer, negotiations are completed between the seller and buyer, at that time the offer is presented to the bank. The banks process is lengthly and unpredictable. It could take 1-2 months before the seller receives an approval or counter offer from the bank. A short sale will preserve your credit at a higher rating than a foreclosure. Also check into completing a bankrupcty in instead of a short sale. It may be a better solution. Check with your tax attorney and/or tax advisor then decide what option is best for you! If you have any questions don't hesitate to contact us. We are here to help you!