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Can someone please explain what a "short sale" is?

  • October 01 2012 - Glennville
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Answers (3)

Right.  If the amount you owe the lender or lenders is more than the current market value of your home, then you are "short".  But you DO NOT have to be delinquent to have the lender agree to a sort sale.  Your "hardship" situation is important, though.  Anyway, it looks like you are in good shape, I am assuming.  Thatis, you do have equity in your home and will nto be short, right?  If you are, make sure your listing agent is distressed property certified.
  • October 01 2012
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Thanks :)  I have our home listed for sale.  We are not delinquent so this really doesn't apply.  I have just noticed the phrase "short sale" and was not sure what is was referring to.  Thanks so much :)
  • October 01 2012
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It is when the banks agree to "SHORT" the amount due on a loan for a underwater home owner to sell it. 
Example:  you own a home an you have a 1 lien on the home for 100,000 and a 2nd lien for 50,000 but the market value of the home is only 140,000. 

You must be delinquent on your payments for banks to consider a short sale. To which you then use an agent who will help negotiate with the banks and find a buyer for the property. Many times at no cost to the seller as the bank will sometimes cover the commissions and fees. 
  • October 01 2012
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