A short sale is when the proceeds from a sale is less than the balance owed to the bank(s).
With a short sale, the bank must (or mortgage holder) agree to discount the loan balance, due to a financial hardship on the part of the home owner. This negotiation is all done right through the loss mitigation or workout department of the bank. If the bank agrees, the debtor can sell the home for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Many times the bank will accept the partial payoff, and show on your credit report that the loan is satisfied and paid off.
The extenuating conditions of the debtor or the real estate market, directly influence whether or not banks will discount a loan balance.
To find out if you might qualify for a short sale, and you live in Phoenix or Scottsdale Arizona, please contact Ken Cuellar by visiting his blog at http://www.phoenixshortsale.net
or contact him at (623) 340-3139 or email him at kencuellar@qwest.net
Whether you're in trouble with a foreclosure, or an investor looking for bargains, now is the time to contact the Cuellar Team and let them show you how to take advantage of the market right now.
The Cuellar Team is also very active in Scottsale Real Estate and you can visit his regularly updated blog and track some really good buying opportunities at http://www.homesforsalescottsdale.org
