Bend Real Estate Team

RANDALL & LEIGHSA FRANCIS

SHORT SALES

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Short Sale Information : A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

If you're looking to move into a home by a set date, a short sale is most likely not for you. Short sales can sometimes be picked up for great discounts, but you have to be patient and have a broker that has knowledge of the short sale process.

If you have any questions about the Short Sale process in Central Oregon, please call us. 541-419-2883 or 541-419-7297

Leighsa Francis - Principal Broker
Randall Francis - Broker
Cushman & Tebbs Sotheby's International Realty
(541) 419-2883 or (541) 419-7297

Francis@Bend-Broker.com