So WHAT IS A SHORT SALE EXACTLY?

Short sales have been a hot topic in real estate the past several years. With the sharp downturn of the housing market a few years ago, this process has found popularity among those wishing to avoid foreclosing on their homes. And if anything, people have learned that the word "short" in short sale does not mean that this method of buying and selling a home is quick; in fact, it is quite the opposite. But short sales can be of great benefit to each party involved.

A short sale is a situation in which an owner of a home enters into an agreement with the lender to sell the house at a price that is lower than what the owner owes on the property. The owner does not make anything off of the sale, but they can avoid a foreclosure which would damage his or her credit way more than a short sale would, and the lenders will usually allow the owner to get off without having to pay the remaining balance on the loan.

For buyers of homes in short sales, they usually end up getting a great deal. Sometimes however, there will need to be a lot of work done in the home. But if buyers are up to the potential challenges, short sales are an awesome way to get a home at a low price. And lenders, of course, get to avoid the prolonged process of foreclosure and they also get the majority of the money they originally loaned out. So each side of this short sale process usually benefits in some way.

But what each seller and buyer needs is someone who knows the ins and outs of short sales to work with, someone who will help navigate the waters of short sales so that the journey is as easy as possible. And the Sibley Team of Keller Williams can help those who need that guidance through a short sale in Shreveport or Bossier City. If you or someone you know is facing a looming foreclosure in Shreveport-Bossier, send them my way to avoid that credit damager and to help them out of the choke-hold of missed payments and default notices.