Hello everyone thank you for joining me today I am Matt Fetick with Sold By Short Sale, Philadelphia’s leading short sale specialist. As a realtor in the Philadelphia area I blog frequently to keep homeowners in my community up to date and informed on their options for avoiding foreclosure. Today I wanted to discuss just exactly what a short sale is and why your bank allows you to short sale your home. Simply put a short sale is when a property owner sells their home for less than what they currently owe their lender and the lender accepts that payment for the entire balance owed. In a short sale we will list and sell your home just like any other house on the market and seek out the best possible offer. Once your property has been sold we will put together a financial packet asking your lender to accept the net proceeds from this sale as payment in full and release the mortgage. Why would your bank accept a payment that is less than what you owe? Your bank is not in the business of selling homes, they’re in the business of lending money. If your property is foreclosed on it becomes the banks responsibility to mow the lawn and keep the lights on until they can sell the property. By completing a short sale we are able to save your lender time and money while also getting you out from under your distressed property. While the bank is losing money it is the best possible outcome for both parties given the circumstances. If you are behind on your mortgage please give me a call or visit my website today to schedule an over the phone consultation. Thank you for tuning in to your Philadelphia short sale leader and have a wonderful day.