Until recently, many people had never heard of a short sale. Investors had used pre-foreclosures (homes that are in distress and will likely go into foreclosure) as a means of buying real estate for sale in Short Beach, Hotchkiss Grove, Stony Creek, and other parts of Branford before they were auctioned off on the courthouse steps.
For the general public, a short sale, especially when it comes to Branford Connecticut real estate, was rare and even a bank owned foreclosure or REO property for sale was hard to find outside of trustees sales. Because Branford real estate had a long history of steady appreciation, it was common for a homeowner in distress to simply sell their home, expect a short time on the market, and often sell for a profit. As a reflection of the current economy, things are now different.
A homeowner is 'short' when:
When a borrower owes an amount on his property that when combined with closing costs and commission is higher than current market value.
A short sale occurs when:
A negotiation is entered into with the homeowner's mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is 'sold short'.
What a Short Sale Is Not
A short sale is a way to avoid foreclosure. It is not a 'get out of my mortgage free card'. This means that the seller has to have a valid financial hardship for why they can't pay their mortgage.
Avoid Foreclosure - Short Sale Help
What is a Distressed Property?
Foreclosure Scams
Other Options
Short Sale Myths
CDPE Special Online Reports
Top 10 Reasons To Avoid Foreclosure
Start Your Short Sale
What is a CDPE?
IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. RE/MAX Alliance is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
RE/MAX Alliance is not engaged in the practice of law nor gives legal or tax advice. It is strongly recommended that you seek appropriate professional counsel and tax advice regarding your rights as a homeowner.
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