Want to learn more about Short Sales?
Our local real estate experts can help!
Short sales are a HUGE part of today’s real estate market, but what is a short sale?
A short sale is when a homeowner or a third party representing the homeowner negotiates a discount on the mortgage loan payoff amount owed to a bank or mortgage company. This happens when a homeowner owes more money to banks and/or lien holders than what their property can currently sell for. In order to sell their property that is “upside down” in equity, the bank must agree to accept a lower loan payoff amount for the property than it is actually worth. This is typically done when a homeowner is behind on their mortgage payments and facing foreclosure.
Short sales often get a bad rap, but in many cases, they can represent a true win-win-win situation. A buyer purchasing a short sale gets a great price on the property, the seller avoids foreclosure, and the bank avoids foreclosing on the property which saves them an average of 18%.
There are many myths and misconceptions surrounding short sales. That is why it is important to choose your real estate agent carefully. This type of real estate transaction is far too complicated to trust to an agent who lacks short sale experience. At DLP Realty, ⅓ of all of our real estate transactions are short sales. Together with our short sale negotiation affiliate, Illumination Real Estate Solutions, we have a 94% success rate! Click the link below to learn more about Illumination Real Estate Solutions.