What is a Short Sale? A Short Sale is when the value of the property is less than the outstanding mortgage. If the market value is less than the total amount owed, a Short Sale allows the borrower to sell the home and use the proceeds to pay off the mortgage.
Why should a seller consider a Short Sale as opposed to Foreclosure? There are many reasons but one of the main reasons would be to avoid a negative judgement. If a seller decides to do nothing and allow their home to go into foreclosure, the bank has FIVE years to sue for the deficiency. During this time, the interest accrues at 18% maximum. Once a judgement is achieved, this stays on the borrowers credit rating for 20 years.
Sellers, you have options! Call Rebekah Boos direct @(941) 730-5674 or email rboos@boudrierealestategroup.com to discuss options today.
