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Depending on the situation that faces a Seller who needs to sell for less than what they owe in their mortgage, the bank may decide to approve the sale and accept a short payoff of the mortgage. This type of sale is known as a Short Sale.
Banks don’t approve Short Sales just because you want to sell because the value has decreased and you want out of the investment. In general, there needs to be a circumstance that makes the sale necessary. Financial hardship. Loss of job or income. Divorce. These are just a few reasons that a Seller may pursue a Short Sale with their bank.
If you find yourself in a position to pursue a Short Sale, you’ll need an experienced Short Sale Agent to help you through the process. Without someone at the helm who’s done this before, your chances of getting your Short Sale approved decrease.
Originally posted at http://activerain.com/blogsview/2612589/are-banks-willing-to-sell-homes-for-less-than-the-mortgage-balance-
Chris Ann Cleland, Associate Broker | Northern Virginia Short Sale Specialist | 703-402-0037
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This is confusing to a lot of people, and I always tell sellers who think they can do a short sale to talk to an expert like you who knows what the banks are doing at this time.
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