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what is a short sale

  • February 03 2010 - Orlando
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Answers (4)

Best Answer

In a nutshell a short sale is where a home owner is upside down on their loan, and the bank agrees to sell the home for less than the loan amount.  For example- You puchased a home 3 years ago for $200,000, the market dictates it is now worth $150,000.  You work with your lender to allow the home to be sold for the $150,000 and either forgive the $50,000 or work out a different agreement.  I would be more than happy to answer any specific questions you may have.  Please feel free to email me directly!
  • February 03 2010
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Their a head mess you call bank people never call back papers get lost lol what a blessing
  • March 08 2010
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Profile picture for Mark LeMenager
Jay's answer is pretty close.  What counts is how much your mortgage balance is, not the price you paid.  In His example, say the loan was $180,000 and you still owed $178,000.  The lender would be forgiving $28,000.

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  • February 04 2010
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Your home is sold for less than you owe, your Realtor communicates/negotiates with the bank to get you out from under the loan. May take 6 months to complete a sale. Your credit rating goes south.
  • February 03 2010
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