Maine Real Estate Short Sales
Your Maine Short Sale Resource
Meservier & Associates of Keller Williams Realty Mid Maine
What is a short sale?
A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner.
Definitions of a short sale:
-
Short sale - A short sale is a sale of real estate in which the
proceeds from the sale fall short of the balance owed on a loan
secured by the property sold. ...
en.wikipedia.org/ -
short sale - A property sale negotiated with a mortgage company
in which a lender takes less than the total amount due; A sale
of a security that one does not own, delivery obligation met by
borrowing the security from another owner
en.wiktionary.org -
short sale - A sale of a house in which the proceeds fall short
of what the owner still owes on the mortgage. Many lenders will
agree to accept the proceeds of a short sale and forgive the
rest of what is owed on the mortgage when the owner cannot make
the mortgage payments. ...
lvattorneyma.wordpress.com -
short sale - A property that is not totally paid off is sold for
less than the total mortgage amount. The lender accepts the sale
amount and forgives the ...
www.ramaui.com -
short sale - An agreement between a mortgage borrower in
distress and the lender that allows the borrower to sell the
house and remit the proceeds to the lender. It is an alternative
to foreclosure, or a deed in lieu of foreclosure.
www.multilinemortgage.com -
short sale - The lender who foreclosed upon the property decides
to sell the property at a dollar amount below the balance owed
on the loan.
www.dtbfinancial.com
Due to current economic conditions, the market shows the number of short sale properties rising.
Why are short sales on the rise?
Our recent economic crisis, increasing unemployment, and a severe drop in home prices in cities and towns across the America, the number of short sales are increasing. Lenders often via for a short sale to minimize their losses since the sale generally cost the lender less money than a foreclosure.
A
short sale may also be the best alternative for homeowners who are
“upside down” on mortgages because a short sale may not damage their
credit history as much as a foreclosure. Homeowners may qualify for
another mortgage once they get back on their feet financially,
sooner rather than later.
Thinking
you may be "Upside Down"?
We can help!
Call Sue Meservier at Meservier & Associates for a free and
private consultation. Count on Sue and the real estate professionals
of
Meservier & Associates
to take your home to heart and focus on what matters most to you.
Call Sue Today!
office: 207-784-2525
cell: 207-576-5488
What a seller may expect in the short sale process
Wells Fargo Home Mortgage provides a REALTOR Short Sale Guide that explains the process.
Read up on...
- How to get started
- Documents required to begin an application
- Additional Info
- Estimated Timeline
Get
your copy here!
(Other lenders may have different criteria and timeline)