What is a Short Sale?

Lenders allow delinquent homeowners to sell their home for less than what they owe. This type of transaction is called a Short Sale because the lender ends up being “short” of what they were originally owed. In a traditional short sale the homeowner receives the offer and then submits paperwork to the lender and awaits to see if they approve it or not. A short sale through us already has lender approval prior to going to auction therefore speeding up the traditional Short Sale closing process.

What is the difference between a Lender Approved Short Sale and a traditional Short Sale? 

A Lender Approved Short Sale is distinguished from a Short Sale because the lender had approved of the Short Sale ahead of time, and will review and respond to offers quickly. 

What is the difference between Short Sale and REO?

There are many differences between Short Sale and REO. Some of the basics are: financing, interior access, and agent commissions. Many REO homes only allow cash payments while Short Sale homes offer the use of financing. Short Sales are not “As is, where is” like many other REO properties. Listing agents are required to hold open houses prior to the auction giving potential bidders the opportunity to view the home ahead of bidding. 

Why buy a Short Sale?

Short Sale sellers are extremely motivated to sell their homes. Their lender has already approved the Short Sale and therefore they do not have any potential loss like they would in a traditional Short Sale program. The homes are consumer ready and will be available for a great deal. 

Are you an agent that wants to get involved?

Apply to be part of our listing agent referral network. If a homeowner that qualifies for Short Sales does not have an agent, they are provided with three potential listing agents to use for their transaction. By applying for our referral network you have the opportunity to be placed into that pool.Standard commissions of up to 6% are honored in this program. Please email shortsale@hudsonandmarshall.com or call 866-259-4417 with agent inquiries. 

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