The past few years have been difficult for many families. Since the real estate downturn, most homeowners have lost significant value in their properties and in some situations many property owners have values that are less than what they owe on the mortgage to pay off the property. The only option for those owners who want to sell, but have home values less than what they owe, is a short sale.

 A short sale is the sale of real estate in which the proceeds from selling the property will fall short of the debt balance secured by liens against the property. When there is a balance owed the bank, called a deficiency, the person selling the house would have to pay the difference. However, in a short sale the property owner cannot afford to repay the liens' full amounts and thus the lien holders agree to release their lien on the real estate and agree to accept less than the amount owed on the debt as payment in full. As short sales have become more and more common it is important to fully understand how they can benefit the seller as well as the buyer.

 In the last few years of real estate volatility, Gerri and Carl have put together a specialized short-sale team. Gerri and Carl are CDPE certified (Certified Distressed Property Expert) and they work with Elizabeth Ross, a professional short sale negotiator. Formerly with SunTrust Mortgage, working in Executive Services/Escalations Short Sale Negotiations, Elizabeth is now associated with Parkway Title in Alpharetta. Parkway Title specializes in closing short sale properties and Elizabeth is an invaluable member to the team as she has experience and knowledge of negotiating with the bank to facilitate a smooth short sale transaction.

 Gerri and Carl have combined experience of 35 years real estate marketing and always provide the best service you will find. Although real estate values may improve, it may take a few years to rebound to what homeowners owe on their home, so a short sale may be the answer. If you have questions or know anybody that might have any questions regarding short sales, please contact us.

Short Sale vs. Foreclosure