What a Short Sale is ...NOT!

One of my favorite writers and all around great people is Rosemary Brooks.  Understanding what constitutes a  Short Sale is critical.  Understanding what a Short Sale is NOT - equally critical! 

Recently she offered up this excellent list of common misconceptions. 

You can find her original article here on her  Mother & Daughter Blog 

If you need an agent, you simply can't find any better -
Give Rosemary a call at  866-750-8282

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A Short Sale is NOT

A sale under market value

A Short Sale is NOT

Bank owned (foreclosed) house

A Short Sale is NOT

House being sold at public auction

A Short Sale is NOT

A home that is paid for and the being sold for under its Market Value

A Short Sale is NOT

House is sold on the county steps for the highest bidder - Trustee Sale

A Short Sale is NOT

When you turn your home back to the lender under the DIL process

A Short Sale is NOT

Lender does not grant approval for short payoff but you lose the house at the end of the foreclosure time-line

A short sale is when you owe more than your home is worth AND you list and receive a formal offer that is approved by the lender BUT it is for less than what you owe on the mortgage.

And contrary to popular belief you DO NOT HAVE to be in default to be considered for a short sale. 

And BEWARE of verbal agreements.  Get it in writing... the only was it is an agreement.

Want more tips? Give me a call at 866-750-8282 or visit our site at http://www.motheranddaughterrealty.com/