What Defines a Short Sale?

A short sale is defined by a home that has a mortgage balance or accumulated liens higher than the market value of the home. Another real estate term for this condition is "underwater". One important thing to know about selling a home that's currently underwater is to understand that ultimately it is the lender's decision to value or even allow the home to be sold for less than what is owed.

I began my real estate career in 2014 when the country was recovering from the 2008 subprime mortgage crisis. Many homes were underwater and lenders themselves were adapting to new regulations to help home owners recover. I quickly learned how to negotiate with lenders and formulate a strategy to allow my client a pleasant transaction. In many cases, the shortselling lender will not only pay all the closing costs, but will also help the home owner with relocation expenses.

If your agent doesn't know how to properly negotiate or has an attorney who can negotiate, your property may end up in foreclosure. Lenders tend to be very aggressive and unrealistic when it comes their valuation of the property which will result in your property staying on the market longer than it should. Contact me today so I can help you or anyone you know with my tested method of handling shortsales.