Wilmington Real Estate

A "Short Sale" simply put is an arrangement made with your mortgage note holder sell your home for less than the balance due.  This arrangement with the bank is client specific, meaning that dependent upon your situation you may still have to repay the remaining balance. 

Most homeowners believe that they only have three options:

• Pay the loan in full
• Bankruptcy
• Foreclosure

If you are beginning to have problems paying your mortgage and you owe more than your home's current market value a short sale may be right for you.  Please note that you do not have to be past due to be considered for short sale, it is often beneficial to begin to communicate as soon as you foresee problems paying your mortgage.

How do you begin the process?  Find a Realtor that is familiar with short sales.  They will determine your home's market value and help you to put your short sale package together.  A properly prepared short sale package will increase the chances of getting your short sale approved.