NYC Short Sale Specialist

Learn About Short Sales

 

Definition of Short Sales

 

A homeowner is ‘short’ when:

When a borrower owes an amount on his property that when combined with closing costs and commission is higher than current market value.

 

A short sale occurs when:

A negotiation is entered into with the homeowner’s mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is ‘sold short’.

 

By accepting the short sale, the mortgage company is able to avoid the lengthy and costly foreclosure process and the client is able to save their credit score from a public record.

 

This sounds easy enough. However, this is an involved process that takes time, patience, good communication skills, organization and professionalism.

 

All the more reason to have a Certified Distressed Property Expert (CDPE), The Patrick Lilly Team, help you. Contact us now!

The list on the right has additional information to help you understand Short Sales.