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  What is a Short Sale? - Back
We used to hear about short sales in the late 1990's but we have been hearing more about them lately. Since the Bradenton real estate market turned for the worst, a lot of Borrowers have found themselves in a position where they owe more than their home is worth. As long as you don’t need to sell your home and as long as you can afford the payments, your best bet it to sit tight and do nothing. Eventually the market will rise and your home value will go up.

But what if you HAVE to sell? What if you are faced with a job relocation, divorce, illness, or financial hardship? What happens if you can no longer make your mortgage payments? Is foreclosure your only option?

Many Bradenton, Florida Borrowers are approaching their mortgage lendersr and requesting that they accept a short-pay. This is commonly called a short sale.

A short sale occurs when a lender is willing to accept less than the full mortgage pay off. They short the loan. The lender absorbs the loss and allows the Borrower’s debt to be forgiven.

A property is a candidate for a short sale when all liens, plus costs of sale, exceed the market value. Liens include mortgage liens, mechanics liens, tax liens, unpaid judgments, unpaid HOA fees.

A short sale is a form of pre-foreclosure sale in which the mortgagee agrees to accept less than the loan amount to avoid foreclosure. The good news is that the lender pays the closing costs, commissions, title fees, and repair costs. The seller gets the home sold, the loan satisfied, and avoids foreclosure.

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