What is a Short Sale?
A short-sale means that the total sale price of your home is not sufficient to pay the outstanding loan balance plus closing costs. The difference between the value of the home and the outstanding loan amount is called negative equity. The bank may forgive this difference and you walk away with no debt.
The amount of negative equity will determine how appealing a short-sale will be to the bank.
I specialize in convincing banks that it is in their best interest to forgive the negative equity on your loan and to allow a short-sale to proceed. I can also help find the buyer willing to purchase the home, and all the bank needs to do is to take a slight loss on their loan.
A foreclosure is expensive, takes months to complete, and results in a vacant property on the bank's books for several months. In the end, the foreclosed property will be sold at a distressed price anyway. A bank can find a short-sale more appealing when they compare it against other alternatives and weigh which option causes them the smallest loss.
Give me a call. We don't have a moment to lose!
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Tawana Bourne | 860.834.1220 | RealtorTawanaBourne@gmail.com
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