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Short Sales Specialists
A short sale is when the lender who holds a mortgage on the property accepts less than is owed by the seller in order to avoid foreclosure or bankruptcy. They take this loss, voluntarily, up front, because it makes business sense for them. Lenders are not in the business of owning real estate, and have huge reserve requirements on non-performing debt (mortgages that are behind). The truth is when you add in legal fees, clean up costs, listing fees, lost-interest on reserves, winterization fees, and all the other fees associated with a foreclosure, our offers on the front end are generally for more than they would net through the foreclosure, but still at a substantial discount!
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