Short Sales

Is Short Sale Right for You?

Short sales have surged in Oregon in the past year. They now makes up more than 10% of home sales statewide. When home owners can no longer afford to keep their mortgage current, there are alternatives to foreclosure proceedings.

Qualifications for a Short Sale

The mortgage is in or near default status. The homeowner has fallen on hard times.

       Examples of Hardship

  • Divorce
  • Unemployment
  • Medical
  • Emergency
  • Sudden Illness
  • Bankruptcy
  • Death in a family
  • Unforeseen Financial Hardship

 Process for a Short Sale

First you need a qualified Real Estate Professional that specializes in Short Sales to get your home on the market. Once a buyer is procured and an offer is accepted it goes to a lender to be approved. Your Realtor will negotiate with the lender. Next your offer is reviewed by several Processors, an Asset Manager and the Mortgage Loan Investor. Naturally, this process takes time. A Short Sale normally takes two to four months to complete. A foreclosure can be postponed with an offer submitted to the lender which is accepted by the seller.

Understanding a Short Sale

A short sale is when a home is sold for less than what is owed to the bank by the current owner. A short sale can only occur if the lender or lenders agree to release their lien rights to a property in exchange for proceeds from the sale which are insufficient to cover the total remaining balance of the mortgage. In this case the lender pays the real estate commission.

What Seller's Choice ® Real Estate Services Provides

An experienced realtor who specializes in short sales, who knows how to get your home sold and can negotiate with the lenders.