What Is a Short Sale? Top Oregon Short Sale Real Estate agents Team Thayer explain the #Short #Sale #Process
T he world of real estate can be confusing, and sometimes, even with careful planning, mortgage payments can be difficult to make . If you find yourself faced with options like foreclosure, bankruptcy or a short sale, it’s important to understand your choices. A short sale is for those who do not qualify or do not want to refinance their home mortgages . In this situation the seller can accept a lower bid for the property to increase the chances of a quicker sale. This requires that the lender agree to accept a payment lower than the balance owed on the mortgage. The lender takes a loss but gets at least some (or even most) of its money and both parties avoid foreclosure . The Process Short sales can be a long and complicated process and require a streamlined communication line between seller and mortgage lender. Most creditors require that the borrower show that financial hardship is preventing them from making mortgage payments. Different c...