Understanding a Short Sale
Blog Post
A short sale is when a homeowner sells a property for less than the amount still owed on the mortgage, and the lender agrees to accept the lower payoff.
What Is a Short Sale?
A short sale occurs when you sell your home for less than what you owe on your mortgage, and your lender approves the sale at that reduced amount.
Why Choose a Short Sale?
You may consider a short sale if:
- You owe more than the home is worth
- You are experiencing financial hardship
- You want to avoid foreclosure and reduce credit impact
How It Helps You
A short sale may offer:
- Less damage to your credit than a foreclosure
- A faster recovery time to buy again
- A lender-approved sale, even if the payoff is short
Important Notes
- The lender must approve the sale
- Financial hardship documentation is required
- The remaining balance may or may not be forgiven
- The process can take longer than a traditional sale
For more information about short sales in Florida, visit Campustocoastrealty.com or contact Campus to Coast Realty at 352-554-6178