What is a Short Sale?

Foreclosure on a home has consequences for the family, the community, the housing market, and the economy. However, the option for a short sale provides a way for troubled homeowners to prevent foreclosure and many of the dire penalties involved.

A short sale is an agreement in which your mortgage lender agrees to accept a payoff on the loan for less than the balance. Many lenders agree to a short sale because they receive more of the loan balance in comparison to the amount they would gain from selling the property following a foreclosure. This process also aids in maintaining home values in the community the property is located and helps the homeowner maintain a better level of credit compared to a foreclosure. In most instances, homeowners considering a short sale must meet specific criteria to qualify.  Homeowners will likely need to provide evidence of economic hardship, and have little or no equity in the property. 

A short sale is not a typical real estate transaction. Most real estate transactions involve the home seller and their real estate agent, the buyer and their lender, and their real estate agent. In a short sale situation, all of those parties in addition to the seller's loan servicer, a housing counselor, any junior lien holders, mortgage investors, and insurers may be involved too. 

With so many parties involved in a short sale, the process can be difficult to complete without a systematic program such as SAFAssist.  The SAFAssist program provides a dedicated attorney to negotiate on behalf of the seller.  An experienced Coldwell Banker Howard Perry and Walston real estate agent with experience in short sales will list and market your home and find a buyer to complete the transaction.  The SAFAssist staff of experts act as a liaison between all of the parties involved. They have your best interests in mind and will work to expedite the short sale transaction. It is essential to use a service of professionals who won't allow you to miss a detail that could delay closing the transaction in a timely manner and to pay close attention to the specifics required by all parties involved.

The SAFAssist program provides all of these services at no out-of-pocket cost to the seller!

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