SHORT SALE
SHORT SALE: A SALE OF YOUR HOME FOR LESS THAN WHAT YOU OWE IS CALLED A SHORT SALE. IF YOUR LENDER AGREES TO A SHORT SALE, YOUR HOME WILL BE SOLD PAYING OFF YOUR MORTGAGE AT A REDUCED AMOUNT. A SHORT SALE IS AN ALTERNATIVE TO A FORECLOSURE.
IT IS IMPORTANT TO WORK WITH AN EXPERIENCED TEAM INCLUDING AN ATTORNEY AND REAL ESTATE AGENT WHO UNDERSTAND THE NUANCES OF SHORT SALES. MOST LENDERS ARE NOW REQUIRING A SHORT SALE PACKAGE BE SUBMITTED AT LEAST 35 DAYS PRIOR TO A SALE DATE OTHERWISE THEY WON’T PROCESS THE APPLICATION.