Short Sale Information

Home sellers should consider a Short Sale when the value of their home is LESS than the amount of their outstanding loans. For example, if your home is worth $240,000 but you have a loan of $260,000 then a short sale is a consideration. Obviously, if you do not have to sell your home, you could wait out the market and hope for a turnaround in real estate values.

However, if you do have to sell your home you basically have three options. First, you can bring cash to the table. In the example above you would sell your home for $240,000 and pay another $20,000 to the lender out of your pocket to pay off the loan on your property. Second, you could let the home go into foreclosure. The lender will go through the foreclosure process, force you out of your home and then auction it off to the highest bidder at a foreclosure. The third option is to pursue a short sale.

What is a Short Sale?
When a lien holder allows a borrower to sell the property for less money than the lender is currently owed. Generally, the lender will forgive the difference.

For More Information:
https://www.HoustonShortSaleSite.com