What is a Short Sale?
A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens’ full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.
Any unpaid balance owed to the creditors is known as a deficiency. Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed to between the parties.
A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower; however, both will often result in a negative credit report against the property owner.
Short Sale Professional Resources
Short sale providers and Liberty Title Company in Michigan make the perfect partners for real estate brokers, agents and sellers to handle the legal issues of a short sale, so the Realtor can do what they do best, market the home! Together we are dedicated to helping homeowners struggling in difficult financial times.
We have worked with the following negotiators that have helped other clients successfully close their short sale transactions. We recommend you call them for a FREE phone consultation to see if they can help you in your current situation.