If you are curious about short sales and wondering whether a short sale on your home is for you, here is some information that will help:

1. Definition: A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the llender decides that selling the property at a moderate loss is better than pressing the borrower.

2. A short sale will allow a homeowner to sell their home for less than the amount owed on the mortgage and in a lot of cases the difference does not have to be paid back to the lender.

3. 'Financial Hardship' There are numerous ways to qualify for a short sale and a borrower does not have to be behind on their payment.

4. A short sale can actually save your credit. It is typically treated by your lender as a 'settlement of debt' and as opposed to a foreclosure, stays on your credit for a shorter time period.

5. Try and stay on top of your mortgage payments and seek help as soon as you think you may fall behind if possible. Try not to wait until the bank starts the foreclosure process.

6. Get good information. Bad information can cost you thousands of dollars.

If you have more questions about short sales, feel free to contact me any time. I have been doing them for my clients for years on both the buyer and seller sides and I can be a great resource for you to help figure out the complication and stress of this decision. Remember it is FREE to get a consulation for your personal situation and to get the process started if a short sale is right for you. I'm here to help!

Required legal notice: Palisade Realty is not associated with the government, and our serivces are not approved by the government and your lender. Even if you accept this offer and use our services, your lender may not agree to change your loan.