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.