A short sale refers to a sales transaction where a homeowner owes more than the house is worth. If you cannot afford to make your current monthly housing payments and owe more than your house is currently worth, you are not alone! A Short Sale may be the answer for you! A short sale refers to a sales transaction where a homeowner owes more than the house is worth and their bank agrees to accept a payoff of less than what is owed.
Why would your bank agree to this? A bank will experience an approximately 30% greater loss on a foreclosed property than they will on a short sale. Foreclosure costs the bank a large amount of money in legal and marketing costs and banks are aware of this. To facilitate the short sale process, the government has developed several programs that incentivize banks for approving short sales. There are a number of programs available to help homeowners just like you! Your bank does want to help!
Contrary to popular belief, short sales are COMMON and can be approved in a reasonable amount of time when working with qualified professionals. If you are having trouble making your mortgage payments and think you may owe more than your house is worth, give us a call. We can answer your questions and help find a solution for your housing needs!
Interested in making an offer on our Short Sale listings? Call us at 720-932-4401 for details about our current inventory.
