Profile picture for gb2075

what does short sale means

  • October 25 2009 - Poinciana
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Answers (2)

Profile picture for Corcoran1
I agree with the above answer but we have seen some short sales take up to 6 months to be accepted.
  • October 26 2009
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Profile picture for AZShines
A short sale is when a property is sold for less than what is owed on the property. Buyers should be aware that this transaction may take 60 - 120 days or more due to the creditor has to approve this sale.  The seller should consult an attorney because the creditor may not forgive the debt entirely and/or there may be tax consequences to this transaction. However, a short sale may be a good solutions for all involved, the creditor gets a new buyer on the property before it goes to the trustee sale, the seller's credit may not be as damaged as it would if the property is sold at a trustee sale, and the buyer's get a house that in most cases is in better shape than a property that was foreclosed upon. Sometimes the seller in a short sale lives and takes care of the house until the sale.
  • October 25 2009
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