What is a Short Sale?

A short sale is a sale of real estate where the property sales for less than the balance owed on the property's loan. A short sale must be agreed upon by both the borrower and the lender. This allows them to avoid foreclosure. A short sale, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan. A short sale will affect the credit score, but not as much as a foreclosure would. If you are thinking about short selling your property or purchasing a short sale, feel free to contact us to discuss in depth how this process works. Currently, Phillip handles all our short sales and is very knowledgeable about the process.

Comments

Popular posts from this blog

Must Eat Frozen Yogurt!

Sevier County Flashbacks

Historic Places: Elkmont