What is a short sale?
A short sale, also known as a pre-foreclosure sale, is when you sell your home for less than the balance remaining on your mortgage. If your mortgage servicer agrees to a short sale, you can sell your home and pay off a portion of your mortgage balance with the proceeds. Depending on your situation you may be required to make a financial contribution toward the balance, but once the short sale is complete you’ll be relieved of your responsibility to pay any remaining balance—called a “deficiency waiver.”
A short sale is an alternative to foreclosure and may be an option if you:
- Are ineligible to refinance or modify your mortgage
- Are facing a long-term hardship
- Are behind on your mortgage payments
- Owe more on your home than it’s worth
- Haven’t been able to sell your home at a price that covers what you still owe on your mortgage
- Can no longer afford your home and are ready or need to leave
CSSN is a professional real estate designation meaning Certified Short Sale Negotiator. We have over 15 years experience working with short sales and happily certified with CSSN. Having this designation means we have undergone intense training to learn specifically how to negotiate through the short sale process.
Whether dealing with the seller, the buyer, the buyer’s agent, lien holders, attorneys or accounts, the CSSN is equipped with professional negotiation techniques and skills that will bring the best possible outcome given the market situation and your personal circumstances.
|Cost To You||Potentially None||Potentially None|
|How It's Sold||Sold with a Realtor||Sold at a Public Auction|
|Who is in Control||The Borrower||The Lender|
|Credit Hit||50-150+ points||200-400+ points|
|Credit Reporting||Settled for less than owed||Foreclosure Sale|
|Time on Credit||12-18 Months||7-10 Years|
|Future Home Purchase||Immediately - 2 Years||5-7 Years|
|Deficiency Rights||We negotiate for the lender to forgive the balance & release borrower from the deficiency.||Lender may pursue homeowner for the loss.|