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Christina Lynch

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Selling Your Home for Less Than You Owe

It’s been called a “short sale” for a long time however it has become a well know term in the last few years.  A short sale allows the seller of a property that owes more than it’s worth, and doesn’t have the funds to pay the difference, to sell the property with the approval of the bank or mortgage holder.  The bank will discount the note allowing the seller to negotiate a price lower than the balance of the loan.  They are usually willing to do this when the cost of the discount and associated expenses are less than the cost of foreclosure Proceedings.

Banks have been doing this for years however in the past few years they have by necessity gotten pretty good at it.  Although it depends on a variety of factors the completion of a successful short sale can take between 60 and 180 days.  In addition the seller will need to “qualify” for the short sale.

Typically the seller must be in a hardship and will need to provide the supporting documentation and application.  In this stressful time sensitive situation it recommended that the seller have professional help.  There are consequences to selling short and you should be aware of them before attempting it. 

Resources that may help avoid a short sale or foreclosure:

Home Affordable Refinance

HOPE for Homeowners

Home Affordable Modification

Foreclosure Alternatives

The information contained here is governed by the Terms Of Use and is not financial or legal advice.  If you need financial or legal advice you should contact your financial professional and/or your attorney.

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Posted in: Practical Matters Tagged: alternatives, discount, financial, foreclosure, hardship, mortgage, short sale

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Linda and Steve Green St. Peters, Missouri

I wasn’t really considering buying a new home but one I had looked at before we bought the last one, which I loved, came on the market. I called Jim and we moved 45 days later with no problems. He really cares about the people involved in the process.

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Still LOVE my home – thank you!!

Lynn B. Ballwin, Missouri

default image

Thanks Jim. I was prepared for a miserable experience. You took the worry and tension out of selling.

John Walsh Seattle, Washington

default image

We had the best experience during the purchase of our first home with Jim. We love it. One of my best friends is a Realtor and I have already told her that when I move, Jim Hurley is the one I work with.

James Fagan Ballwin, Missouri

default image

It was our first home and we spend several months looking. Jim never lost patience. He spent hours educating us and helping us through the process. He’s always smiling and positive…. Linda and Steve Green St. Peters, Missouri

Linda and Steve Green St. Peters, Missouri

default image

I wasn’t really considering buying a new home but one I had looked at before we bought the last one, which I loved, came on the market. I called Jim and we moved 45 days later with no problems. He really cares about the people involved in the process.

Tina and Tom Shinner Kirkwood, Missouri

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