Are Short Sales Really Short?

In the past, as a buyers agent, I would steer my clients away from short sales. Why? Because they were not what the term signifies..."short." I found that many of the listing agents didn't understand the process and my clients would get discouraged because it was taking so long. Some would decide to withdraw their offer.

Due to the way the economy is at this time, there are many homeowners desperate to sell their home to avoid foreclosure. The homeowner owes more on their mortgage than what the home is worth. They have to do something. That is where I have decided to assist. Since I was on the other side of the transaction as a buyers agent, I understand the frustrations that occur. It is my desire to assist the agent or the buyer with the sale and purchase of a home with the least amount of frustration. Our team of negotiators work directly with the homeowner and the lender to make sure the transaction is as smooth as possible.

If you are an agent that has a buyer, don't avoid short sale listings. There are good deals out there if you are willing to work with the client through the process. It doesn't have to be frustrating on your part as long as you have open communication from the start.

As always, if you have questions do not hesitate to contact me at cheryl@thecharlesgrp.com or 757-343-7783.

Why is it to My Advantage to Short Sale?

A foreclosure can impact your credit far more, especially in the long term. In fact, some banks don't report a short sale. In addition, in the event of a foreclosure, in many states the lender will seek a deficiency judgment in the amount you owe. They could even come after other properties and assets of yours, including vehicles. Your credit could recover from a short sale in less than two years, where as a foreclosure or bankruptcy can take 7-10 years.

Another Version of a Short Sale...

A short sale in real estate occurs when the outstanding loans and liens against a property, after closing costs are paid, are greater than the proceeds from the sale of a home, and the lender agrees to accept this lower payoff amount. This occurs only when a home seller qualifies for a short sale through proving a hardship, and the lender agrees to this lower payoff amount.

What Exactly is a Short Sale?

A short sale is an agreement with a lender allowing for the sale of a property to a third party for less than the amount owed on the mortgage. Under this agreement, the lender accepts less than the amount owed and releases the borrower from the mortgage, this is also known in real estate as a short payoff or a pre-foreclosure sale. The lender releases the borrower from the mortgage, thereby preventing foreclosure.

If you are a homeowner and want to know what your options are in today's housing market give me a call at 757-343-7783 or email me at cheryl@thecharlesgrp.com.

Do you feel like you are drowning when it comes to making your mortgage payment?

Are you struggling to stay afloat while waiting for your home to sell?
Want the facts about your options???

We CAN HELP!

Specializing in Short Sales Negotiations


Short Sale: A short sale is an agreement with a lender allowing for the sale of a property to a third party for less than the amount owed on the mortgage. Under this agreement, the lender accepts less than the amount owed and releases the borrower from the mortgage, this is also known in real estate as a short payoff or a pre-foreclosure sale. The lender releases the borrower from the mortgage, thereby preventing foreclosure. 5 years and 2500+ successful short sales to our credit! Our experience is based on working with master servicers and investors.

Contact Us today direct at 757-343-7783 or by email at cheryl@thecharlesgrp.com