Short Sale
A Short Sale also know as a Short Pay, is a lender’s voluntary acceptance of less money than is owed to allow a property to be sold as an alternative to foreclosure. While the proceeds to the Lender will be less than or “short” of the amount necessary to pay off the debt, the Lender avoids the costs of the foreclosure, which includes legal fees, marketing, and repairs. This discount allows you to sell your home at a new lower sales price that is more inline with the current market.
Why Would A Bank Accept Less? Simple, it's cheaper and faster than the foreclosure process.
"After months of being run around in circles by the bank and another agent, we made it to the closing table because Craig was able to quickly cut through the red tape, THANK YOU!" - AJ & Tracie
"Resident Realty provided me with a buyer on the first day who went on to close in just 6 weeks. After missing payments for 2 months what a relief. - Ben
"We tried to sell for 2 years, we tried to work with the bank, we had to move out of state for work so finally we turned to Resident Realty, who found a buyer worked with the bank and completely solved our problem!" - Jim & Jill