A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.
The bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank’s loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.
Always consult your attorney and CPA for additional tax and legal consequences of doing a short sale.
We will be happy to help sales agents and realtors facilitating your client’s Short Sale with the Lender. To request a Short Sale package, please send an email to our Short Sale Department at Processor@PerlandTitle.com . Please write on the reference Short Sale Package request and indicate your name and number.
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