What is a Short Sale?
In real estate, a short sale occurs when a homeowner in financial distress sells his or her property for less than the amount due on the mortgage. The buyer of the property is a third party (not the bank), and all proceeds from the sale go to the lender. The lender either forgives the difference or gets a deficiency judgment against the borrower requiring him or her to pay the lender all or part of the difference between the sale price and the original value of the mortgage. In some states, this difference must legally be forgiven in a short sale.
We, on the Andee Hausman Team, are short-sale specialists with the designation Certified Distressed Property Expert. Over the past 3 years, we have helped many homeowners through a short-sale process and thus minimizing the effect on their credit score. Go to www.andeehausman.com and reach out to us. WE WANT TO HELP YOU OR ANYONE YOU KNOW!
