Many people have heard of short sales, but don’t always understand exactly what they’re for or how they work.
This video explains the basics in an easy-to-understand format. After watching it, you should know:
When a homeowner has an underwater mortgage, meaning they owe more on their home than what it’s worth, their lender may allow them to sell the property for less than the mortgage balance, by accepting a short sale.
A short sale allows the homeowner to sell their home to a buyer – not back to the bank – helping them avoid a foreclosure that would be damaging to credit and the ability to buy another home in the future.
To qualify for a short sale, you must meet three simple requirements:
If you want to determine if you qualify or if a short sale is right for you, contact the experts at Short Sale Cooperative for a free consultation today.