A Short Sale is an agreement by which the lender agrees to accept a payoff amount that is less than what is actually owed on the mortgage loan. As such, the homeowner cannot receive any proceeds from the sale of the property and the lender will pay all the cost associated with the sale of the property, including the real estate commissions, escrow and title fees, as well as some of the buyer's closing costs in some cases. In some situations the lender will provide relocation assistance to the homeowner which is one of the main benefits listed below.
Benefits for the seller
- Our clients have the ability to salvage their credit and future creditability by successfully short selling their home.
- Homeowners are not throwing away thousands of dollars on a home that's worth less than what they bought it for.
- Homeowner's that have successfully sold their home via short sale have the ability to purchase a home within 18-24 months if your remaining debt with creditors are in good standing.
- Possibility of securing relocation assistance to help you relocate of up to $30,000.00. *Varies, based on specific programs.
- Mortgage Forgiveness Debt Relief Act of 2007 alleviates income taxation on debt forgiven by lender on primary residence.
- Most importantly you'll get your life back and have peace of mind.