A short sale occurs when there is more debt owed on a property than the property is worth. Bank-owned properties can even affect the value of surrounding homes.
In a short sale, the owner is unable to sell their property unless creditors, usually third parties, agree to accept a pay off that is less, or short, of the amounts that are owed to those third parties. Examples of third parties include mortgage lenders, mortgage insurers, bankruptcy trustees, and federal, state and local tax authorities like the IRS or state tax commission. Not all creditors will accept a short sale or discounted payoffs, especially if it would make more financial sense to foreclose. Furthermore, not all properties and sellers qualify for a short sale.
If you’re looking to sell or purchase a property that is considered a short sale, download our helpful PDF before contacting one of Dickson Realty’s short sale experts.
When selling or purchasing a home that is considered a short sale, be sure you have a Dickson agent in your corner to assist throughout the process. Click on any of the names below to view and contact a Dickson agent specializing in short sale.