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What is a Short Sale?

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A short sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it.

Be aware that the seller need not be in default -- to have stopped making mortgage payments -- before a lender will consider a short sale. A lender may consider a short sale if the seller is current but the value has fallen. The seller may have over-encumbered, owe more than the home is worth, or have a forced relocation resulting in a discounted price bringing the price in line with market value, not below it.

Before deciding that you would like to purchase a short sale, there is some information you should know.  Please fully review Fairstone's Short Sale Process Page, to find out more. 

If you have questions, we would love the opportunity to help, so please don't hesitate to contact us.