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Thank you so much for visiting today.  If this is your first visit, take your time and look around.  There is plenty of information and resources available to you as a home buyer, seller or investor.  If you are a return visitor, thank you.  I hope you find my website easy to navigate. Please feel free to contact me if you have any questions regarding properties you see for sale or if you are interested in selling your home. I look forward to working with you.   

Andrea L. Bu…

 

Andrea Butler on Zillow

Andrea Butler on Zillow

 

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What is a Short Sale Anyway?

An increase in foreclosure rates will inevitably bring with it an increase in short sales. But what is a short sale?

A short sale happens when you sell your house for less than your remaining mortgage balance, the proceeds of which go to the lender and in return the lender forgives the remaining balance. Selling your home as a short sale is one way to avoid foreclosure.

As a general rule, lenders lose money when they foreclose on a property. Consequently, they would rather not have to foreclose if it can be avoided. A short sale represents an opportunity to cut their losses because a short sale usually allows them to recoup more of the cost of the loan than a foreclosure process would.

However, don’t think that a short sale is an easy thing to accomplish. In order to get permission for a short sale, you must provide documentation showing a genuine financial hardship. And don’t think that the decision for accepting a short sale is solely in the hands of the lender. Sure the lender must first agree, but this is not the final word. If there is mortgage insurance involved, this company also gets input on the decision. If there is an investor backing the mortgage, they also get input as to whether to accept a short sale.

The transaction process for a short sale can be rather cumbersome as well, whether you’re on the buying or selling side. Many short sales fail due to additional demands by the lender, such as requiring the broker to reduce his or her commission and/or that the seller signs a document requiring him or her to pay back the shortfall.

If you’re on the selling side of a short sale, consider having your agent or other experienced professional negotiate with your lender for a better deal. And remember, if the lender does accept a short sale and forgives part of your debt, that is considered taxable income and you must declare it as such to the IRS.

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Andrea L. Butler
Realtor®, ABR, e-PRO, SFR, ASP
Relocation Specialist
Weichert,Realtors-The Freedom Group
901 Second Loop Rd.
Florence, SC 29505
Office: 843.673.9181
Mobile: 843.615.0021
ABButlerHomes@gmail.com
www.facebook.com/AndreaButlerHomes

Testimonials

Our family has worked with Andrea for almost 10 years on the purchase and sale of dozens of rental properties. We highly recommend her to anyone who wants a trustworthy pro in their corner. She's easy to get in touch with, responsive, respectful, and will work hard to make sure you get what you need to be happy at closing. REQuest Properties- 2012
In all our dealings with Realtors over the past ten years, we have never met anyone as helpful and energetic as you have been. Without hesitation, we would highly recommend your service to anyone who is looking for an experienced Realtor who cares about getting things done and doing them right! Thanks for taking such good care of us, we couldn't have done it without you! Satisfied Seller- 2011
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ABR - Accredited Buyer RepresentativeASP - Accredited Staging Professionale-PROEqual Housing OpportunityMLS membershipREALTOR® certificationYahoo® Real Estate ClassifiedsShort Sale Foreclosure