Short Sale: An Option for Homeowners Facing Foreclosure

For homeowners facing foreclosure, one viable option to stop the foreclosure is a short sale. A short sale is a negotiated remedy between a homeowner and his lender which enables the homeowner to sell the property for less than what he owes on it. The lender must approve the short sale. However, if the lender's approval is conditioned upon acceptance of additional terms by the homeowner, the homeowner has the right to walk away from the deal.

If you are considering a short sale, you need sound advice from a qualified Realtor, a real estate attorney, and an accountant or tax attorney. Most lenders require that your property be listed with a licensed real estate agent if you wish to short sell it. A Realtor will explain the short sale process to you and in most cases, will assist you in gathering and submitting all required documentation to your lender. A real estate attorney can explain the legal consequences of a short sale to you and an accountant or tax attorney can explain the tax consequences of short selling your property.

The short sale process can be very long and confusing. However, hiring the right Realtor can take some of the stress out of the situtation. Rather than hiring an inexperienced real estate agent or one who has never managed a short sale, specifically seek out the services of a Realtor who has obtained the Short Sales & Foreclosure Resource (SFR) designation. The SFR designation is awarded by the National Association of Realtor to Realtors who have completed mandatory training focused on short sales, foreclosures, and other distressed properties.

If you would like more information about short sales, visit http://georgiashortsalecentral.com/.