What Is A Short Sale?

A short sale is when a lender allows the owner to sell the home for less than is owed on the mortgage. Short sales typically take between 3-6 months to sell, but if you are a buyer with lots of patience, you’ll get agreat deal. If you’re a seller, you may avoid ruining your credit for a longer period of time by avoiding a foreclosure. Short sales can be a win/win for both parties, even though the seller is still typically taking a large loss.

If you are a seller falling behind on your house payments and have had a financial hardship you may have a better option than a foreclosure. A foreclosure can ruin your credit for 7 or more years and should be your last option. A short sale typically does less damage to your credit and may be an alternative.

Please call 760-600-6152, or email me today stevestewart@kw.com .

I live in Palm Springs and understand our local market and would be happy to answer all of your questions.