Short Your What?

One of the biggest things we are seeing in the real estate world these days besides foreclosures, are short sales. A short sale is when you sell your property for less than what you owe on it. This can happen for a variety of reasons, of which could include: your payments have gotten to high for you to afford, or your moving/relocating and can’t sell your house to pay off the mortgage, or even a family event has occurred and you just need to move.

In processing a short sale for closing, our office can see many things that could halt the entire process quickly. One being liens on the property other than the mortgage being paid short. We always recommend a title search be performed on the current owners to ensure they are giving their Realtor accurate information. After all, the seller could be embarrassed or think its no one’s business as to the other things they may owe.

What this search can reveal are not only delinquent real estate taxes, but a second mortgage and possibly judgments. Short sale lenders will in most cases not cover these additional debts, and in the case of a second mortgage, a short sale would need to be processed directly through that lender as it would be on the first mortgage.

If you are someone considering a short sale, we have a Realtor that can assist you with working with your lender to get an approval to short sale the property. If you are a Realtor, feel free to contact us so we can assist you in getting your short sale closes as quickly as possible