Cimpler Real Estate dba LenderBackDoor
Short Sales
A short sale is when a bank or mortgage lender agrees to sell a property for less than what’s owed – usually 10-20% below the present (not previous) market value when the mortgage on the property is more than the current market value. On the surface this creates a good deal for prospective home buyers. For the seller it’s good because it affects their FICO score less than a foreclosure. However, a myriad of dependencies determine whether or not banks will discount a loan balance and these are usually related to the current real estate market climate and the borrower’s financial situation.
Contact us if:
· You want to sell your house
· The value of you house is less than the mortgage