A short sale is when a lending institution accepts a discounted payoff amount on an existing mortgage and agrees to help the homeowner with closing costs to prevent a home from going into foreclosure. Often times a homeowner owes more than can be collected through the sale of the home. In this case, a short sale allows them to sell the property to avoid foreclosure for themselves and the lender. The lender typically gives consideration to a short sale when the homeowner experiences hardships like:  

• unemployment  
• divorce  
• medical challenges  
• death of a spouse  
• property depreciation due to no fault of the homeowner

Short sales are uniquely beneficial to all parties involved: homeowners, lenders, real estate agents and investors alike. By accepting a short sale, the lender decreases their potential for loss and reduces the time to receive payment by a number of months. A short sale also minimizes the costs associated with foreclosures by the lender. Homeowners avoid permanent damage to their financial record while buyers benefit from a good deal on their newly-purchased property. Real estate agents are compensated for their work to get the property sold and investors, when involved, can receive an increased payback on their investment by making improvements to the home and later selling it at a price that matches its increased value.  

The key to the short sale process is timing. When a homeowner fears foreclosure is imminent, they must engage The Rodgers Team as soon as possible. Foreclosure proceedings typically start with a formal demand for payment in the form of a Notice of Default letter. The lender typically issues it when the homeowner is three months delinquent on mortgage payments. Ideally, The Rodgers Team should be contacted after one payment is missed and you have no means to make subsequent payments.  

The Rodgers Team can quickly assess your situation and see how the short sale process can be put to work for you.