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What ’ s a short sale in real estate ?
In real estate , a short sale occurs when a homeowner sells their home for less than they owe on the mortgage . This often happens when the homeowner is in a difficult financial situation and can ’ t keep up with payments .
A short sale isn ’ t the same as a foreclosure . In a foreclosure , the lender forcibly repossesses the property and then tries to sell it for enough to recover its costs . In a short sale , the homeowner voluntarily chooses to sell the property and then gives the lender all the proceeds . The lender can then either forgive the difference or get a deficiency judgment , which requires the homeowner to pay what ’ s left over .
Homeowners may decide that a short sale is right for them for various reasons . For example , a short sale does less damage to your credit score than a foreclosure . If you want another mortgage , you may have a much shorter time to wait after a short sale than after a foreclosure .
Moreover , a short sale allows you to stay in your home until the sale is completed , whereas a foreclosure forces you to vacate immediately . It also allows you to retain the dignity of knowing you sold your home .
If you ’ re having money trouble , reach out to a financial professional in your area to help you get back on track . n
Debbie J . Mock Realtor , GRI SRSABR EPro RENE Moultrie is a City of Southern Living
229-873-2533
tondeb13 @ mchsi . com 6First Avenue , S . E . Moultrie , Georgia31768
Office : 229-985-0177
Fax : 229-985-0178
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