A lot of homeowners these days are wondering “What is a short sale?”

A short sale is when your lender is willing to accept less than the total amount that you owe on your home loan.

Short sales most commonly occur where this is a financial hardship – such as loss of employment, medical situations, divorce, etc. – but you don’t always have to be behind on your payments or in financial distress to do a short sale. 

If there is a financial harship… losing a home or selling when you don’t want to is stressful, embarrassing, disturbing, and hindering to your lifestyle.  Selling your home as a short sale helps avoid heavy penalties to your credit.

We offer no obligation, private consultations to go over your options when considering a short sale… sometimes a short sale is not your best option, but we can help you understand all options.

In our local market, there are quite a few homeowners choosing to do a strategic default. 

A strategic default is the decision by a borrower to stop making payments (i.e., to default) on a debt despite having the financial ability to make the payments.  This is a decision made by some homeowners after a substantial drop in the house’s price such that the debt owed is (considerably) greater than the value of the property — the property has negative equity or is “underwater” — and is expected to remain so for the foreseeable future, such as following the bursting of a real estate bubble.

Not all lenders will accept short sales or discounted payoffs, especially if it is financially smarter for the lender to foreclose. If you’re wondering what is a short sale, contact Chandler Arizona Short Sale Realtor Jason Dawson today for a no obligation, private consultation to learn about all your options.  Sometimes what is a short sale is not your best option but we can help educate you on all the different options that are available to you.

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