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WG Real Estate Services
Arlington Texas & Surrounding Areas

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Short Sale

What is a Short Sale?Short Sale

A homeowner is ‘short’ when the amount they owe plus closing costs and real estate commissions is more than the current market value.

A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing.  A buyer closes on the property and the property is ‘sold short’.

A short sale is better for your credit than a foreclosure. There are many reasons that a short sale is better than a foreclosure. One important reason is that a foreclosure can negatively impact your credit score by 300 or more points and is the most devastating credit issue you can have in relation to future credit availability. A short sale lowers the credit score as little as 50 points, if at all, if other payments are being made.

Lenders prefer short sales over foreclosures. Many homeowners have the impression that lenders are just waiting to pounce upon them and take away their home. This is simply not true. Lenders are in business to profit from lending not selling or renting houses. A foreclosure typically costs the lender much more than a short sale. Extra legal expenses, holding and maintenance costs, possibly declining values, and often a deterioration of condition during vacancy are just a few reasons they prefer short sales over foreclosures.

How much does the homeowner pay the real estate agent for a short sale? There are no upfront costs. Our commission fees are paid by the bank, in most cases. If the home does not sell, the homeowner will not owe their real estate agent a fee. The short sale homeowner may also qualify for a cash incentive for a successful closing.

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If you would like to avoid foreclosure and explore other options,
give us a call for a private consultation at 817-226-3000.

  • Interested in a Short Sale? Complete the short form below and we will contact you with helpful information. We are currently only serving homeowners in Arlington, Mansfield, Grand Prairie, Texas and surrounding areas.

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Teresa Roten

WG Real Estate
Teresa Roten

Texas Licensed Broker
817-226-3000
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"Dwayne really listens to his clients and provides excellent service without fail. I’ve used his help on more than one occasion and he consistently... continued"
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We buy houses in Arlington, Grand Prairie, Mansfield and nearby cities in Texas.