Professional Real Estate Services

Short Sales

Short Sale Real Estate Expertise

If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. Contact the Marge Pawlak Team when the sale price is likely to leave you short. We offer expert advice.

How to Approach Short Sales

A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes the title of your home through a lengthy legal process and then sells it.

Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, contact your lender to see if they have any programs to help you stay in your home. If your situation is temporary, your lender may agree to a modification such as:
  • Refinancing your loan at a lower interest rate.
  • Providing a different payment plan to help you get caught up.
  • Providing a forbearance period if your situation is temporary.
     

Best Option

When a loan modification still isn't enough to relieve your financial problems, a short sale could be your best option if your property is worth less than the total mortgage you owe on it. A short sale may be required if you have a financial hardship, such as a job loss or major medical bills. We strongly recommend contacting your lender to see if they are willing to entertain a short sale.