What is a Short Sale?

If you have ever been in a situation where you were behind on your mortgage and considered selling your home you may have hear the term “Short Sale”. What is a Short Sale? A short sale is a sale of a house the amount of money received from selling the property will fall short of what is owed against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be executed. An example would be: You owe $150,000 dollar on your house and you are behind on your mortgage payments and would like to sell your house to get out from under it. You get together with your Real Estate Agent and she performs a CMA which is an acronym for Cost Market Analysis. You sit down with her and she says that similar houses are selling for $125,000 in your area. What?!! Now what am I going to do? I owe $150,000 and I can only get $ 125,000 for my house? This is where the discussion and process of a Short Sale comes in to play!

At Clear Blue Investment, LLC we can help you navigate the Short Sale process. The process can extremely complicated with mountains of paperwork. Not only is there a lot of paperwork but it needs to be updated constantly and resubmitted to the bank otherwise you will have to start the entire process over again.

In an upcoming Blog I will cover the steps and processes involved with executing a Short Sale!

If you have any questions please feel free to contact us at ReviveMountCarmel.com or 570.884.4064 for your free consultation!