What is a Short Sale?
The struggling economy has left numerous homeowners across America facing serious financial issues, and perhaps none more painful than the thought of possible foreclosure and the loss of a home. However, for homeowners in the Tampa, FL area who are having trouble making mortgage payments or who are "underwater" on their mortgage – owing more on their loan that what the home is actually worth – there is a possible solution that can help avoid foreclosure: a short sale. But what is a short sale? You may have heard the term before or even think you might know what it means. But getting the facts and information you need before taking such a big step is very important, and The Paul Team, your trusted Tampa real estate agent and short sale specialist, can help.
What is a short sale? The answer to this question is relatively straightforward, but there are a variety of complex issues that come into play. To begin with, here are the basic steps of a short sale:
- As a distressed homeowner, you will be selling your home for less than what is actually owed on your mortgage
- In turn, your lender will agree to accept that amount as payment on your loan
- This will then allow you to avoid foreclosure on your home, but you will not receive any funds from the sale
- Finally, this process will result in your lender not reporting a foreclosure to the credit bureaus
As you can see, a short sale can provide you with a number of benefits, namely the chance to get out from under a loan that simply isn't manageable anymore. However, there are a number of important and often confusing issues that go into a short sale. So if you are looking to find the answer to a question as simple as, "What is a short sale?" or are seeking help with some of the more complex issues that are involved in this process, trust the short sale experts at The Paul Team for free short sale help.
Regardless of the reason behind your desire to sell your home quickly, contact The Paul Team today. Our friendly team of real estate professionals can help you whether you're in Tampa, Clearwater, St. Petersburg, or anywhere throughout the Tampa Bay area.