What is a Short Sale?

A short sale occurs when a lender agrees to accept less than the amount owed against the home because there is not enough equity to sell and pay all the costs of sale. The single factor that a home has lost value is not sufficient to support a short sale. A lender will need to see something more. Most compelling is a home in such a state of disrepair that it will represent a substantial expense to the lender if they foreclose. Keep in mind that the lender does not wish to own real estate, particularly real estate that will require an expenditure of money once the bank takes it back. Another compelling factor is that the property is located in a neighborhood where there have been many foreclosures. The more foreclosures in an area, the greater the likelihood that the lender will entertain a short sale.

Most lenders are aggressively participating in Short Sales. If you or someone you know would like to Short Sale your home, please contact Lolah King at 678-249-8779 or lolahking@comcast.net