Hello, I’m Matt Fetick, with Keller Williams Real Estate and Soldbyshortsale.com in the Philadelphia and Wilmington, Delaware’s premiere short sale specialist. I am often asked what the difference is between a short sale and a foreclosure. There is a big difference. Here’s what happens.

In a foreclosure, the home owner has defaulted on the home and the bank has sued to take the home back into their possession. The bank does this so that they can resell the property and gain back as much money as possible to pay down the loan. However, there has been a big push in the last several years, due to the declining market, to do a short sale. A short sale is where the bank allows the home owner to stay in the home and sell the home at the best price possible. Then that price is accepted as payment in full on the loan. Sometimes there are deficiency judgments and other obligations that the home owner may incur after the sale.

This is where we come into the picture. We can help you through that process to understand what your rights and obligations are. If you would like to know more about a short sale and how to avoid foreclosure please visit our website at soldbyshortsale.com or call me for a free, private consultation with no obligation at (610)335-1920. Thanks. I look forward to meeting you soon.