There is a lot of misleading and incorrect information about short sales in Coastal Delaware. Many people don't have a clear understanding of the purpose of short sales or how they actually work.
Essentially, a short sale is when one sells their home for less than the balance remaining on the mortgage attached to the property. The proceeds from the sale are used to repay a pre-negotiated portion of the balance to settle the debt.
A short sale can be a solution for homeowners who really need to sell their home but owe more on the mortgage than the home is worth. Understanding the short sale process can help make the most out of a real estate sale.
Here are some common myths and why they are false: