A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan.  Both parties agree to the process because it allows them to avoid foreclosure.  This agreement does not necessarily release the borrower from the obligation to pay the remaining balance, the deficiency.


In a short sale, the bank agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower.  The owner sells the property as a “short sale”.  The bank will require significant amounts of information about the borrower’s personal financial situation and the reason they are unable to continue to pay the mortgage amount.  The current condition of the housing market has dramatically increased the number of short sales.  As a result, it may take three, four, or five months from the time an offer is accepted on a property before the bank approves that sale.  Even if the bank approves the sale, it does not automatically extinguish the remaining balance unless settlement is clearly indicated on the acceptance offer. 


The wide array of parties, parameters, and processes involved in a short sale make it a relatively complex and highly specialized type of real estate transaction.  Short sales have a high failure rate.  Short sale negotiators, Realtors who are short sale certified, loss mitigation specialists, and real estate lawyers who specialize in short sales work together to handle these deals.


I have completed the training program from the National Association of Realtors and am short sale certified.  In addition, I am certified on the Equator short sale on line process.  Also, I have closed quite a number of short sales in the past three years (see my testimonials).  I stand ready to talk with you, discuss the short sale process, and assist you in determining if a short sale is a viable option for you.