Short Sales & Repossessions


 

What is a Short Sale?

A short sale occurs when a home is sold for less than the balance owed the lienholder. The seller and lender have agreed upon an acceptable sales price and the lender forgives the difference between seller's loan amount and the sales price. The lender must approve the sale of the home and releases the lien on othe home. Homes sold through a Short Sale may still be occupied. The sellers sign the title(s) at the time of the transfer of ownership.

 

What is a Repossession?

A repossession occurs when the owner stops making payments on the home. The lien on the home is removed and the lender applies for title(s) in their name. The lender becomes the owner and signs the title(s) at the time of the transfer of ownership.