Short Sale FAQ'S

What is a short sale?

A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.

Why is the number of short sales rising?

Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.

A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.

How can Castro Realty Group help me with my short sale?

We are proud to announce, that in addition to our extensive experience and proven track record in short sales, Castro Realty Group has earned the nationally recognized Short Sales and Foreclosure Resource certification (SFR). The National Association of REALTORS (NAR) offers the SFR certification to REALTORS who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

Nearly one-third of all existing homes sold recently were either short sales or foreclosures, according to NAR data.

Soon, prospective home buyers who are specifically looking for distressed homes can search REALTOR.com®’s Find a Realtor® feature to look for agents in their area that hold the SFR designation.

These agents will be better equipped to handle requests from bargain hunters with their eyes on short sale and foreclosure properties.

 And, given that not everyone can qualify for the federal Making Home Affordable (MHA) program, sellers who are left no choice but to go after short sales can also benefit from the knowledge and insight that a SFR-certified Realtor can provide.

Realtors with this designation can position themselves as valuable resources to meet a growing need in the communities they serve.

The SFR certification program is offered by the Real Estate Buyer’s Agent Council of NAR. The program includes training on how to manage short-sale, foreclosure, and real-estate owned transactions, and provides resources to help Realtors® stay current on national and state-specific information as the market for these distressed properties evolves.

The Real Estate Buyer’s Agent Council of NAR is offering the program that includes training on how to manage short sale, foreclosure and real estate-owned transactions.

It also provides resources to help Realtors stay current on national and state-specific information as the distressed home market evolves.

 Let us help you with your short sale today!!!