What is a Short Sale?

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A short sale might be one of the best options available for homeowners who don’t want to see their property reach foreclosure. Short sales can be complicated and time consuming. It is important to understand all the variables of each individual situation. WestOne Properties works with a company that can help navigate the short sale process. The professionals at WestOne Properties, LLC are experienced in short sales and loss mitigation. With their help, Portland short sales are demystified and your home may be saved from foreclosure.

A short sale is a step that a home owner takes to avoid a foreclosure. A real estate transaction is considered a short sale when the sum of the home’s sale price is less than (falls short of) the balance which is owed on the property.

When the lender or mortgagee agrees to receive less than the entirety of the loan payment for the homeowner’s property, this is a short sale. Many lenders would prefer to go through a short sale and receive less than the total amount loaned rather than go through foreclosure, have an auction, and have an REO on their books.

Without the help of professionals, dealing with Portland short sales can be a burden for both buyers and sellers. There are negotiations with the bank or lending institution to deal with, market conditions, and a variety of other factors that come into play. Let Oregon Home Savers, your stop foreclosure specialists, negotiate with your lender and make selling your home a less cumbersome experience.

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