Nashville Short Sales
Foreclosure on a home has negative impacts for the residing family, the community, the housing market, and the economy. The option to do a short sale provides a way for troubed homeowners to preent foreclosure and avoid the dire penalties involved.
A short sale is an agreement where your mortgage lender agrees to accept a payoff on the loan for less than the balance. Many lenders agree to a hosrt sale because they receive more of the loan blance in comparison to the amount they would gain from selling through the foreclosure process. This process also aids in maintaining home values in the community surrounding the property and helps the homeowner maintain a better level of credit compared to a foreclosure.
In most cases, homeowners considering a short sale must meet specific criteria: provide evidence of economic hardship, and have little or no equity in the property.
A short sale is an atypical real estate transaction. A normal real estate transaction involved the home seeller and their real estate agent, the buyer and their lender, and their real estate agent. In a short sale situation, all of thse parties in addition to the seller's loan servicer, a housing counselor, and junior lien holders, mortgage investors, and insurers may be also be involved.
With so many parties involved in a short sale, the process can be difficult to complete without a qualified REALTOR® to help guide you and act as a liaison between all of the parties involved. You will want the advice and expertise of a REALTOR® who has your best interests in mind and will expedite the short sale transaction. It is essential to have a REALTOR® who won't allow you to miss a detail that could delay closing the transaction in a timely manner and to the specifics required by all parties involved. A qualified REALTOR® with experience in short sales will also be able to find a buyer to complete the transaction. Homeowners agreeing to a short sale should also consult a tax expert and obtain the services of an attorney to help protect themselves from any future claims by the lender.
Have questions or concerns about the short sale process? Are you considering a short sale but are unsure if it is your best option or if you qualify? Contact Darin and Christina Cunningham today and we will answer any questions you may have!