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Short Sale Tips

At this point in history, foreclosures are growing increasingly common throughout the United States. This high number of foreclosures is directly correlated with the economic decline and related unemployment, which have resulted in an all too common inability for mortgages to be made affordable. Though common, foreclosure is not always the only option for those who cannot pay their mortgages. A short sale, also known as pre foreclosure, is a feasible alternative to foreclosure where the home is sold at price lower than its worth, and even more, lower than the debt that is owed. If a lender and homeowner agree, the two parties will begin the process of the sale, during which there are many short sale tips that must be taken into careful consideration. For example, many experts are of the belief that, in a short sale, the sale should not be emotional, and a short sale is easier if the price is lender-approved.

Fast Facts

  • Short sales are not expected to be given away, just lower than a usual sale
  • Lenders will not offer short sales if there is not an apparent financial hardship
  • Short sales can be requested before an actual default takes place, as long as there has been financial hardship

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