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what is a short sale

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August 16 2009 - Port Charlotte
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Answers (4)

Great answers here for you!  I'd just add a couple of points:
* To qualify, usually you need a "hardship"
* The Debt Forgiveness Act of 1997 exempts you from the deficiency if it's your primary residence. For investment properties, it's a bit harder...but you can prove insolvency and try.  You'll need a good CPA to help you.

This video from Suzy Orman is a good explanation of Short Sales and information on the 1997 Debt Forgivenss Act. 
If you need to find a realtor who's specially trained in short sales, please feel free to contact me for a referral.

With warm aloha,
Susanna Kunkel, RA, CDPE
Hawaii Real Estate Services, LLC
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August 16 2009
Short Sale Link
A short sale is when the bank or mortgage lender, because of the borrower's economic or financial hardship, agrees to discount the loan so that the property can be sold to someone else. This process is usually financially better for the lender than a foreclosure would be. See the short sale link for more info. 
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August 16 2009
A short sale is when the sellers do not have enough equity in their home to close.  They must work with the bank to get it closed.  Feel free to call or email me to help you find a home.
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August 16 2009
A short sale is when a house sells for less than the encumbrances on it (mortgages, leins, etc).
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August 16 2009
 
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