Short Sales

A short sale occurs when a homeowner sells their property for less than the amount owed on the mortgage, with the lender’s approval. This process typically arises when the homeowner is struggling to make payments and wants to avoid foreclosure. In a short sale, the lender agrees to accept the reduced sale price as full repayment of the loan, which can benefit both parties. The homeowner avoids the negative impact of foreclosure, and the lender mitigates losses by selling the property quickly rather than waiting for a foreclosure process that can be lengthy and costly.