You owe more than your home is worth, and you cannot keep up with the payments. A short sale lets you sell for less than the balance, with the lender's approval, instead of facing foreclosure. It is a long road, but for many homeowners it is the better outcome. Here is what the road looks like.
Quick Answer
A short sale is when the lender agrees to accept less than what you owe, usually to avoid foreclosure. It can help you avoid foreclosure, but it takes time and requires lender approval. The deciding factors are your financial hardship, the lender's willingness, and the market. It is a complex process, so work with an agent experienced in short sales. Ask Patrick about short sales.
The Short Sale Process
The term: a short sale is selling your home for less than you owe, with the lender agreeing to accept the shortfall.
The meaning: the lender must approve the sale and the price, which requires a hardship package and full documentation.
The money: the lender often negotiates how the shortfall is handled, so an experienced short sale agent makes a real difference.
The real-world consequence: a short sale can be a better outcome than foreclosure, but it is not a quick fix.
Timeline: 6 to 12 Months
The term: the timeline is how long the lender approval and sale take.
The meaning: a short sale typically runs 6 to 12 months, depending on the lender and the market.
The money: the wait is longer than a traditional sale, which is why it is worth comparing every option first.
The real-world consequence: a short sale is a long road, but it can be a better outcome than foreclosure. I have helped clients navigate the lender approval process and negotiate deficiency waivers. Make it a great one, Patriot Nation.
Ask Patrick about short sales
Get a straight answer on the process, lender approval, and timeline.
