Profile picture for shearemphasis

What is a short sale?

  • December 28 2008 - Hudson
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Answers (3)

Profile picture for Marianne Bazan
A short sale is when the seller is selling their home for less than what is owed on it.
  • December 28 2008
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Profile picture for wetdawgs
A short sale is when the sales price is lower than the amount owed.  In some cases, the mortgage lender will agree to accept the lower amount.  In other cases, the owner must make up the difference. 
  • December 28 2008
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Hi

A short sale is sometimes the answer when you are upside down in your home, you are behind in your payments and you are in danger of losing the house through foreclosure.  They are very slow to put together and close escrow (6 to 9 months common).  I have done many of these and only about 50 % actually end up closing escrow. Also sometimes the lender end up coming after you in court for the amount still oweing after the close of escrow.  I would recommend that if a Short Sale sounds like something you need to do then you need to talk to an attorney to be sure you under stand all of the legal ramifications.  

Good Luck
  • December 28 2008
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