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Short Sale
SALE of a Short Sale
A "Short Sale" is the sale of a property by a financially distressed borrower for less than the outstanding mortgage balance. The proceeds from the short sale will be used to repay the lender, and most legal and commission fees. The lender accepts the less-than-full repayment of the mortgage. The lender agrees to this in order to avoid what would amount to larger losses for the lender if it were to foreclose on the mortgage. If properly negotiated the borrower is released from the remaining balance of the mortgage obligation. But it is important to consult with a tax professional in order to understand sellers tax obligation.
PURCHASE of a Short Sale
The purchase of a Short Sale is similar to a typical real estate purchase except for the extended period required to negotiate the price with the lender. This could typically take 4 to 6 months (if not longer) for the lender to complete the review of the house being sold as a short sale.
Gautier Realtors could assist you with the sale and/or purchase of a Short Sale. The process is challenging but rewarding none the less. If you are having to sell your house in a short sale - it would be a great weight lifted off your shoulder. If you are buying a home as a short sale - it would be a great bargin.
Contact any of our Real Estate Professionals at Gautier Realtors so that you could begin the process.
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