Short Sale Defined
Short Sale Defined
What is a Short Sale?
In Chapel Hill, Durham and surrounding locations, short sales (also known as pre-foreclosures) may be the answer to helping homeowners in distress with their mortgage. Many people are confused about this concept or phrase, Short Sales.
A bank-owned house, or Foreclosure, is not a short sale. A seller deciding to lower their price and take less profit is not a short sale. To have a short sale, one of the parties has to be “shorted;” either the seller or the bank, and for the owner to qualify, a number of criteria must be met.
A “short sale” occurs when the homeowner gets an agreement from the mortgage company to accept less than the full balance of the loan at closing. The homeowner closes on the property and the property is “sold short.” This occurs prior to a property entering the foreclosure process.
For More Information About Your Ability To Avoid Foreclosure, Contact Jodi@TeamJodi or go to www.ShortSalesInNC.com and register. A Team Jodi specialist will contact you within 24 hours to discuss this with you in full.
