Selling Your Home Through a Short Sale

Have you found yourself "upside down" on your mortgage (you owe more than your home is worth), are struggling to make your mortgage payments every month and need a way to sell your home without going into foreclosure?  Do you need to sell your home because your job is relocating you elsewhere in the country?  Selling your home through a short sale may be just what you need.

In a short sale, a homeowner makes a deal with the mortgage company to sell the home for less than what is owed on it.  Since the home is worth less than is owed, the homeowner can't sell the home for the balance on their loan and, if they are unable to make the payment, the mortgage company will then have to take it back, fix any problems with the property and go through the time and hassle of reselling the home through foreclosure.  A short sale saves the bank time and money in the long run.

I can help you understand and navigate through the short sale process.  First, your individual situation will be assessed to present you with all the available options that fit your needs at this time.  If you are a good candidate for a short sale, your lender will be contacted on your behalf to negotiate the terms of the short sale.  If your home is headed for foreclosure, the process may be able to be delayed to get you on the short sale track instead.  Once a purchase contract has been written, negotiations with the lender will proceed.  These discussions will include any other property-related debt, such as HOA fees, liens on the home and back taxes due.

While selling your home through a short sale is not an easy route to take, it is much better for your credit than a foreclosure.  Using a real estate professional to work on your behalf will help make a short sale less stressful for you as well.

Robin Husney, your Charlotte real estate resource