The definition of a short sale is selling your property at current market value to fulfill your obligation to the lender. Although no one wants to do a short sale, it is a good alternative to foreclosure. This process can be made less daunting when you work with the professionals at Bustos Realty. Our team has decades of experience working with buyers and sellers in Kendall and we can help with any real estate needs you may encounter. If you do not want to keep your home and want to avoid foreclosure, doing a short sales may be the best option for you.
In a short sale, Bustos Realty would find a buyer for your home and negotiate with the lender in order to sell it for less than is owed. However, we will work to fulfill your obligation to the lender (i.e. the lender is accepting a lower payoff than what is owed).
In a short sale, the lender allows a homeowner to sell his or her property at market value. Although the sale price may be lower than the balance owed on the home, the lender agrees to it because they will have a better chance at recovering their money, albeit, less than is owed. A lender’s other alternative to a short sale is foreclosure. This process can be timely, expensive and does neither party any good.
Additionally for the Seller, after the short sale has gone through, financial losses may be written off.
Who Should Consider a Short Sale?
A short sale is an option for people who want to avoid foreclosure without having to file for bankruptcy. A short sale will essentially halt the foreclosure process, preventing the lender from suing the homeowner for the money still owed on the home.
To learn more about short sales, foreclosures and what the best option for your situation may be, contact Bustos Realty today.