Stephen D. White
Stephen D. White
e-Pro, ABR, MRP
East Falmouth, MA 02536

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Short Sales

What is a Short Sale?

Short Sale is a sale of real estate in which the sell of the property will fall short of the balance owed and the property owner cannot afford to repay the full amount due. In a short sale 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. Due to the recent housing market crisis lenders are now working with homeowners to reach short sale agreements that release borrowers from their obligations to repay any deficiencies of the loans. A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower.


Is a Short Sale a Good Option for Me?

A short sale allows you to sell your home even if you owe the bank more than the house is worth and it won’t cost you a penny. If you owe more on your mortgage than your home is worth you are considered to be underwater. You have no equity. There is no financial incentive for you to keep paying on the house. In this situation homeowners should seriously consider a short sale. You are basically paying a very high rent! A short sale will put an end to the struggle of keeping up with no equity house payments. Think of the amount you are paying in property taxes, insurance, homeowners association fees and interest. You are paying for all that and still owe more than your house is worth!

A short sale is the smart way out of a very messy, long term, bad financial situation. In a short sale your lender will allow you to sell your property at or below the current market value. Why? Because they recognize you are likely to lose the house to foreclosure, a very expensive, money losing process for your lender. In return for your cooperation with the short sale your lender will release you from your mortgage and waive your deficiency balance. You won’t owe them any more money! They will waive the late payment penalties, the deficiency, everything just to get themselves out of this mortgage mess. A short sale is one of the most effective foreclosure prevention options available.

This is a great time to take advantage of your lenders desperation and your own! Don’t sink good money after bad. Your lender will keep taking your money until it is all gone and then they will foreclose on the house anyway. If you can’t afford the house be smart. Take advantage of your lender get your peace of mind back.


How long might a "Short Sale" take?

A “short sale” is anything but short. The process takes much longer than a traditional sale. Often three to six months, sometimes even a year or more is needed to complete a short sale. During that time you don’t make payments but save your money to assist you with your move. Plus, with the right short sale specialist on your side, you will likely qualify for CASH for participating in a short sale. Often $1,000 to $3,000 or more. Some lenders are offering $15,000 cash incentives. It is important to begin your short sale as soon as possible if you plan to receive the IRS short sale income tax waiver. Read more about this tax benefit below.


Short Sale Sold!!


short sale


East Falmouth Davisville Short Sale! Lovely Unique Waterview 2 Bedroom, 2&1/2 Bath Townhouse w/ reverse floor plan offering 2 Bedrooms & Full Bath on Main level & an Open Living Room, Kitchen & Dining area on  top floor overlooking salt water inlet on Bourne's Pond. This is a bright, well maintained unit  featuring Decks, Patio, finished lower level Play room plus easy access to Assoc Pool & Tennis Courts in back. Condo fee includes Landscaping, Grounds Maintenance, Snow Removal plus access to Association boat ramp to Bourne's Pond for your Kayak. This Waterview Condo complex is situated in area of lower Davisville South of Rte 28. Short 5 minute walk or drive to Menauhant Beach. Assessed at $290K. Premises Offered in AS-IS condition w/ Appliances intact. All Inspections & Approvals are the responsibility of the purchaser. Short Sale Subject to Approval by Lender! Listed for Sale January 2011 Sold in May 2011!! SDW listed property For Sale representing the Seller for $200K, Negotiated with the Mortgagor as well as bringing the Buyer to this successful Transaction and Sold for$175K!

Stephen White, e-Pro, ABR, MRP
Falmouth & Cape Cod Real Estate Agent

East Falmouth, MA 02536
Phone: 508-847-1474


I was happy with the various procedures your office took to help me purchase my home at 119 Homestead Lane, Teaticket, Ma. Sincerely yours and Happy Holidays Irene N. Nickolson Irene Nicholson
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