Short Sales
Oct 22nd 2010
A short sale in real estate takes place when the outstanding loan obligations against a property are greater than what the property can be sold for. The seller’s lender agrees to a discounted payoff in order to release and existing mortgage.
This process is a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with lender. However, not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.
This type of process is a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with lender. Always remember that short sale in Miami Florida Homes For Sale is not always a pleasant and easy transaction. Try to look for an short sale experienced agent that will help to expedite your transaction and protect your interests.
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