Short Sales

Sometimes, when someone owes more on a house than it is worth, it is possible to get a mortgage holder to accept less than is owed. This is called a short sale. It's a complicated process and should not be left to amateurs A short sale involves proving to the lender that the house is not worth what is owed (usually done through a formal appraisal or a Market Analysis), proving to the lender that the borrower cannot pay back the amount owed, and showing the lender that this process (a short sale) makes more sense to them than a foreclosure. When they work, short sales can be win-win situations for both parties. The lender gets the property off it's books without going through the problems and expense of a foreclosure and the borrower gets out from under without a foreclosure on his/her record. For more details on this procedure, contact Glenn at 1-877-85-glenn or email at glenn@glennelliot.com.