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Short Sales
A "short sale" is when a property is sold at a loss, with the permission from the bank who holds the mortgage. The bank does not take ownership of the property like they do during a foreclosure. The bank will likely agree to a short sale if it is certain the bank will have to foreclose on the property soon anyway. Banks generally would rather not take property into their inventory.
If you're a seller considering a short sale, a buyer thinking about purchasing one, or an agent unfamiliar with the process, we can help.
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Feel free to contact us any time with questions.