Short Sale Answers to many of my client's questions!

Hello all - I just wanted to give some insight into the short sale process. I have many client's and friends who are asking me what a short sale is. Many think it is a short sale- the time it takes to sell a home. That is definately not the case. A short sale is when a borrower owes a certain loan amount and an offer is made for less than what is owed to the lender for the loan amount. For example, if the loan is for $100,000.00 and an offer (a sales contract) comes infor $90,000.00, there is a difference of $10,000.00 plus some other expenses. A borrower can go to the lender (the company that you make your house payment to) and ask the lender to consider the offer. The bank will then do their process to see if it is in their best interest to take the offer for an amount short of what is owed, hence the term, "Short Sale." Now there are many steps to this short sale world. An experienced real esate agent will be able to assist you and offer some information to the transaction. It is not for everyone, and there are some reprecutions to doing a short sale. If you are in the Pueblo/Pueblo West area and would like more information about the short sale process, please give me a call so we can make an appointment to discuss this type of sale further.

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