What is a Short Sale?

A short sale is when the lender agrees to take less than what is owed as a payoff for the mortgage.

I get asked all the time, “why would a lender want to execute a short sale?” It is very simple, the lender can save thousands of dollars vs the foreclosure process.

Why? Because of all the fees, vacancy problems, taxes, and insurance that are associated with the foreclosure process. Short sales are booming because the lender can forgo all the costly expenses of a foreclosure and the homeowner can avoid a “big hit” to their fico score with the short sale process creating a true win-win scenario.

As you know, the foreclosure rates are high in the Minneapolis area and throughout the country and the short sale process is a very good option for all involved. Working with a knowledgeable realtor in this area is a very important piece to this process. The Josh Pomerleau Group uses a professional negotiation company that costs the seller Nothing, and uses the same process that is known for a closing success rate of over 90%. Call or email The Josh Pomerleau Group if you know anyone that is having difficulty paying their mortgage payments and want to sell their home. Do not worry if the person you are thinking of is in a different part of the country because The Josh Pomerleau Group works with short sale specialists all across the country.