MISSOURI SHORT SALES: ST. LOUIS CITY, ST. LOUIS COUNTY, ST. CHARLES COUNTIES
A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens’ full amounts. Whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency. Short sale agreements do not necessarily release borrowers from their obligations to repay any shortfalls on the loans, unless specifically agreed to between the parties. IMPORTANT Short Sale TIP: If you are planning to Short Sale your home, most lenders require your home to be listed in the MLS. It is crucial that you enlist the expertise of a Broker that specializes in Short Sales.
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