Understanding Short Sales, Anthony Acosta
Short Sale is a different type of negotiation in a real estate transaction and is not a part of real estate basic training. It is a detailed but fairly straightforward process that can work to benefit a Seller, Buyer and even the Lender.
Short Sale is a workout option (Loss Mitigation) used when a homeowner is unable to continue their financial obligation to the note, and the equity on the property is too low to sell or refinance for the balance or the mortgage loan.
A Short Sale is when a lender accepts a discount on a mortgage to avoid possible foreclosure auction or bankruptcy. Instead of buying from the homeowner, the property is purchased directly from the lender for a discount. Short Sales come about when property owners become "upside down" due to a hardship (because of a job loss, divorce, health issues or an option ARM that's resetting higher AND they have depleted (or never had) significant assets) - and when the property value is less than what the homeowner owes. In these situation, lenders are sometimes wiling to accept less than the full amount due, commonly referred to a "Short Sale" or "Short Pay"
Some real estate transactions that may seem the most lucrative may also be the most challenging.
A Short Sale transaction requires: Patience, Persistence, Knowledge, Experience and Creativity and a smile on your face!
Click Here: Certified Short Sale Specialist, Atlanta, GA
Anthony Acosta, Jr., SFR.
Short Sale Specialist
404-797-9907 Cell
anthonyacostajr@aol.com