There is a lot of misleading and incorrect information out there when it comes to Santa Cruz real estate short sales. Most people don’t have a clear understanding of the purpose of short sales or how they actually work.
Essentially, a short sale is when you sell your home for less than the balance remaining on your mortgage. The proceeds from the sale are used to repay a portion of the balance. 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 you to get the most out of your Santa Cruz real estate sale. Below are some common myths and why they are false.
A short sale damages your credit record as much as foreclosure