THE LONG AND THE SHORT OF IT: SHORT SALES
MEDLEY & KOSAKOSKI, LLC
Attorneys at Law
SHORT SALES: OVERVIEW
o ROLE OF BUYER
o ROLE OF SELLER
o ROLE OF AGENT
o ROLE OF ATTORNEY
o SHORT SALE RAMIFICATIONS
WHY DO A SHORT SALE?
For owners who can no longer afford to keep mortgage
payments current, there are alternatives to bankruptcy, a deed-in-lieu foreclosure, or to actual foreclosure proceedings. One of those options is called a "short sale".
When lenders agree to do a short sale in real estate, it means
the lender is accepting less than the actual total amount that
would be required to payoff the loan balance in full. Not all
lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose. Moreover, not all sellers, or all properties can qualify for short sales.