Distressed

A short sale occurs when a property is worth less than the amount remaining on the mortgage. The owners are often referred to as being “upside down” because they owe more than the property is worth.

In a short sale the lender works with certain formulas and parameters that concern numbers rather than emotions.

The seller owns the property, but because the amount owed on the loan is greater than the sale price, the bank must approve the sale.

With the real estate market still in flux, the number of short sales and foreclosures on the market will continue to rise. As a result, everyone involved in real estate (buyers, sellers and lenders) will be affected, and should be aware of their options at every step of the buying and selling process.

Ultimately, buyers decide how much to pay for a property as they consider all the variables such as home condition, location and market. Although buying a property through a short sale or foreclosure may seem like a confusing and risky process, with a little education and the right resources, it can be a smart option for purchasing a home

If you are looking to sell your home and need more information or assistance, please contact Ewing & Clark’s Short Sale Department. Our industry leaders and certified distressed property experts can help.

BROKERS OF FINE RESIDENCES, MANSIONS, AND ESTATES SINCE 1900

Distressed

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