A short sale is when a homeowner sells their property for less than the amount owed on the mortgage for where the lender is willing to accept less than the amount that is owed on the mortgage.
Let's say you're in a situation where you recently bought a home for $300,000 and you placed a 20% down payment. The other 80% is from your lender and you pay it off monthly including the interest. But what if something unfortunate happens such as losing your job, or your partner losing your job, or you're having difficulty paying it?
This is where you can ideally make use of a short sale where you can thoroughly vet the options and avoid having a foreclosure.
How does a Short Sale work?
Here are the steps on the process of a Short Sale in Austin:
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