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Many Properties May Now be Purchased at a Price Far Less Than Their Original Value Through a "Short Sale" Offer and Purchase. Contact The Dettmann Group for Information Regarding Available Properties.
What is a Short Sale?
A short sale happens when the lender is shorted on a mortgage, meaning the lender accepts less than the total amount that is due. As an example, if your mortgage is $100,000, but your home is currently worth $90,000, you are $10,000 short between what you owe on your mortgage and the present market value of your home, not including costs to close the sale such as real estate commissions, recording fees or title and escrow charges.
Sometimes, to avoid going through the costs of foreclosure, a lender will agree to a short sale by letting a new buyer purchase the home for less than the mortgage balance while the home is in the foreclosure process.
Here are Sample Steps of a Short Sale:
A seller signs a listing agreement with a real estate agent subject to selling as a short sale with third-party approval.
The agent finds a buyer who makes an offer for less than the amount of the mortgage.
The seller accepts the buyer's purchase offer.
The seller's lender accepts the buyer's purchase offer.
The transaction closes when the buyer delivers the funds, the lender releases the lien and the seller delivers the deed.
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