What is a Short-Sale?

If you need to sell your home and owe more to your lender than your home is worth, a short sale may be your best choice. In the past, it was rare for a bank or lender to accept a short sale. However, with the current downturn in our real estate market, banks and lenders are willing to consider these transactions and HouseRebate can help you sell your home quickly and easily for top market value.

In a short sale, the lender accepts a price that's less than the amount you owe on the property. As part of this arrangement, your bank or lender typically agrees to forgive the rest of the loan. As a result, you avoid foreclosure, the buyer gets the property at a discount, and the lender avoids taking on the burden of selling the property.

To qualify for a short sale, you must prove that you are in circumstances that make it impossible for you to afford your mortgage. The banks call this ???financial hardship???. You will need to show the bank that you have a monthly income shortfall, or not enough money to cover your expenses including your mortgage. Acceptable hardships include but are not limited to mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation, and more. Finally, your lender will ensure that you do not have significant liquid assets that you could use to pay your mortgage. Liquid assets include cash, stocks, bonds, IRAs, CDs and other securities. While ???financial hardship??? may sound bad, a short sale is far less harmful to your credit than a foreclosure.

Short sales require great negotiation skills and knowledge of procedures and paperwork. You should select a highly competent agent to represent your interests with your bank or lender and with the potential buyer of your property.?? HouseRebate has experienced short sale professionals available to help you, as well as interested, cash-ready buyers who are looking for properties like yours.?? Our goal is to make the short sale process quick, painless and hassle-free.

Learn about the benefits of a Short Sale vs. Foreclosure here.

Learn about government programs to help distressed homeowners here.