FAQ
FREQUENTLY ASKED QUESTIONS
What is a short sale?
A short sale is the sale of a property, for less than what is owed on it, with the permission of the creditors.
When does this happen?
When what is owed on the property is more than what it is worth.
Why do creditors allow this to happen?
Most of these properties are in foreclosure. These creditors will lose even more if the property is sold at auction.
When do home owners need to sell on a short sale?
Homeowners need to sell on a short sale when what they owe is more than what the property is worth. These properties are usually in foreclosure. If they are not sold this way the bank will auction the property.
Why do homeowners need to sell on a short sale?
If they get foreclosed their credit will be permanently ruined. They may end up still owing to the creditors after foreclosure.
How much discount can I get on a property?
A good short sale usually brings a property to 70% to 80% of as-is market value.
What are my chances of success?
Well-selected and executed short sales have 80% chance of success.
