Yes sometimes, when circumstances merit, a Short Sale may be beneficial to both buyer and seller; however\u00a0more often<\/strong>\u00a0heading into a short sale unprepared and not understanding the ins-and-outs of such a transaction, can cause much unwanted heart ache and unforeseen consequences.<\/p>\n Mls# 21913234<\/a> Mls# 21910165<\/a> Mls# 21884680<\/a> Mls# 21916756<\/a> Mls# 21922594<\/a> Mls# 21914878<\/a> Mls# 21922594<\/a> Mls# 21913808<\/a> Mls# 21914878<\/a> A\u00a0short sale\u00a0<\/strong>is when a home or property is sold for less than what is owed the lender. Thus here is where the trouble can begin;\u00a0 the lender must approve the sale and be willing to release the lien for less money than is actually owed.<\/p>\n A short sale may or may not solve some financial problems the seller is having. However it may also create new problems as well. Short sales are not the “silver bullet” that some home sellers would like to have.<\/p>\n The big point to remember here is that a Short Sale transaction is a 3-way transaction and is different than a normal real estate transaction. In a short sale situation the lender and seller must come to terms with the difference in what is owed on the property and what it is sold for. At times the bank may be willing to take a loss on a property if it expects to take a greater loss foreclosing on the home in the near future. Also at times the seller and lender may be willing to settle the out standing debt at a discount.<\/p>\n Your home must qualify for a Short Sale and while lenders have standards they can vary between financial institutions. In general 4 areas of qualification must be met by the home owner attempting a Short Sale as follows:<\/p>\n As a home owner in a pre-foreclosure situation you will have to provide evidence of the above points to your lender to get approval for your short sale. Utilizing your real estate agent, CPA, and attorney can go along way in obtaining this approval. Often times a short sale option if available is better for your credit rating than bankruptcy or foreclosure.<\/p>\n It is important for your real estate agent to verify lender approval status before spending too much time exploring a short sale transaction. Often times a short sale status comment or listing attribute does not necessarily mean that the approval process has been completed. Perhaps it has begun but the lender is waiting on additional qualification documentation.<\/p>\n It is not uncommon for some short sales to take a number of months to close as the lending institution works with and negotiates with the seller the final short sale terms. So as a buyer patience may well be a required virtue.<\/p>\n In any case whether buyer or seller, the Short Sale Pre-Foreclosure process is served well by a knowledgeable real estate professional experienced or even specializing in these types of transactions. So don’t hesitate to\u00a0email me\u00a0<\/a>or give me call directly 256-425-1659.<\/p>\n – Elizabeth<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Short Sale Short Sale – What’s it all about? Huntsville Real Estate\u00a0Short Sales\u00a0are all the rave these days. Whether in the market as a buyer or seller, everyone, these days,\u00a0 is interested in understanding and examining how a\u00a0Short Sale\u00a0may benefit them. Yes sometimes, when circumstances merit, a Short Sale may be beneficial to both buyer […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[108],"_links":{"self":[{"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/posts\/14691"}],"collection":[{"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/comments?post=14691"}],"version-history":[{"count":0,"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/posts\/14691\/revisions"}],"wp:attachment":[{"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/media?parent=14691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/categories?post=14691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/tags?post=14691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}View All (3) Huntsville Short Sale Real Estate<\/a><\/h4>
![\"Main](\"\/\/idx-photos-ihouseprd.b-cdn.net\/AL-NARIS\/21913234\/org\/000.jpg\"\/ "\\"Click")
<\/a>
Gladstone Place<\/a>
$440,000
Courtesy of: ![](\"https:\/\/athomeshuntsville.com\/homesforsale\/template\/floatingIslands\/images\/nalmls56x14.gif\")
Flo Burkholder Realty, Inc.<\/a> <\/p><\/div>![\"Main](\"\/\/idx-photos-ihouseprd.b-cdn.net\/AL-NARIS\/21910165\/org\/000.jpg\"\/ "\\"Click")
<\/a>
Stones Throw Condo<\/a>
$154,900
Courtesy of:
Quali-tech Properties<\/a> <\/p><\/div>![\"Main](\"\/\/idx-photos-ihouseprd.b-cdn.net\/AL-NARIS\/21884680\/org\/000.jpg\"\/ "\\"Click")
<\/a>
Westwind Condo<\/a>
$79,900
Courtesy of:
Hamlett Property Management<\/a> <\/p><\/div><\/div><\/div>\nView All (3) Madison Short Sale Real Estate<\/a><\/h4>
![\"Main](\"\/\/idx-photos-ihouseprd.b-cdn.net\/AL-NARIS\/21916756\/org\/000.jpg\"\/ "\\"Click")
<\/a>
Clifts Cove<\/a>
$950,000
Courtesy of:
Keller Williams Realty Madison<\/a> <\/p><\/div>![\"Main](\"\/\/idx-photos-ihouseprd.b-cdn.net\/AL-NARIS\/21922594\/org\/000.jpg\"\/ "\\"Click")
<\/a>
Browns Ferry Crossing<\/a>
$575,000
Courtesy of:
A.h. Sothebys Int. Realty<\/a> <\/p><\/div>![\"Main](\"\/\/idx-photos-ihouseprd.b-cdn.net\/AL-NARIS\/21914878\/org\/000.jpg\"\/ "\\"Click")
<\/a>
Westlake<\/a>
$210,000
Courtesy of:
Re\/max Unlimited<\/a> <\/p><\/div><\/div><\/div>\nView All (3) Limestone Co Short Sale Real Estate<\/a><\/h4>
<\/a>
Browns Ferry Crossing<\/a>
$575,000
Courtesy of:
A.h. Sothebys Int. Realty<\/a> <\/p><\/div>![\"Main](\"\/\/idx-photos-ihouseprd.b-cdn.net\/AL-NARIS\/21913808\/org\/000.jpg\"\/ "\\"Click")
<\/a>
Brookhill Landing<\/a>
$309,900
Courtesy of:
Legend Realty<\/a> <\/p><\/div><\/a>
Westlake<\/a>
$210,000
Courtesy of:
Re\/max Unlimited<\/a> <\/p><\/div><\/div><\/div>\nWhat is a Short Sale?<\/h3>\n
![\"Huntsville](\"\/\/athomeshuntsville.com\/realestate\/wp-content\/uploads\/2013\/01\/ShortSale.jpg\")
<\/a><\/p>\nCaution Revolves Around Lender Approval<\/h3>\n
For Home Sellers<\/h4>\n
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For Home Buyers<\/h4>\n