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Friday, June 19, 2009

What is a “short sale”?

I receive a lot of inquiries from folks who are curious about this thing called a “short sale.”  Those of us in the real estate business are very familiar (or should be) with the process.

This is the condensed version.  If you have specific questions, email me, call me…give me a chance to answer your question. By the way, if I do not know the answer, I know some real knowledgeable professionals I can refer.

First of all, a “short sale” is a situation where a property is being sold by the homeowner however the sales price will likely be less than the mortgage owed.

This situation may be the result of the tremendous drop in values over the past few years.   It may be the result of a homeowner taking out a line of equity. Regardless of the reason, the money borrowed (and owed) on the property is more than the probable selling price.

There is no finger of blame to be pointed in these situations.  Life happens. People lose jobs.  People lose a loved one who was a major breadwinner. Job transfers require a home be sold. "Stuff" happens.

If you are in central Brevard County and a short sale may be in your future – as a buyer or seller - call me to discuss how I may assist you.

Call Gary Waters, Broker Owner at Waters Realty of Brevard LLC, in Melbourne Florida., directly at 321-693-3850 or email me if I can help you sell your Melbourne, Florida home.

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