Many people, and even many Realtors, do not fully understand what a short sale is or the process involved in negotiating one. The first common misconception is that a short sale is the same as a foreclosure. This is not true. Foreclosure is the process your lender (mortgage company) goes through to take the house back from you when you don't pay them. It is a long process, but once the lender has the house back they do an appraisal or broker price opinion to decide what they are willing to accept for the house and then they put it on the market to try to sell it. A short sale is when we try to sell your home for less than what you owe the lender before the foreclosure process or sometimes during the foreclosure process.
I will post Understanding Short Sales Parts 2-4 in the coming days. If you have questions about short sales or if you would qualify to do a short sale, please call me. Feel free to post any comments to this blog.