A short sale is when a bank or mortgage company agrees to accept a payoff that is less than what you owe on your property.
Depending upon the lender, it is possible to have the loan showing as "satisfied" or "paid in full" after the completion of the short sale and the lender may not pursue attempts at recovery of the difference. Some banks are, however, still attempting to recover the difference between what is owed them and what the home sold for. It varies.
Your credit will still be affected negatively by the short sale, but not as severely as a full foreclosure.
The bank may pay the commission to complete a short sale so WebHomeListing.com, Inc (WHL) will refund any up-front fees to you upon the sale and closing of your home as long as the bank pays WHL at least 3% of the sales price. The contract negotiation fee will NOT apply to the closing of a short sale when the bank pays the above commission.
Please call us at 770-513-1503 for short sale assistance.
