Profile picture for sparkdon

what is a short sale

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 03 2010 - Orlando
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

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!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 03 2010
Their a head mess you call bank people never call back papers get lost lol what a blessing
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 08 2010
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.

Are you looking to buy or sell?  Click on my picture for more.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 04 2010


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.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 03 2010
 
Related Questions
Hello Experts, What defines a multi-family property?
Profile picture for Hamp Yonce
Latest answer by Hamp Yonce
5 hours ago | 5 answers
Lender cant meet closing date by 2 days
Profile picture for Jean Scott
Latest answer by Jean Scott
3 days ago | 10 answers
How do I search for ranches/farms?
Profile picture for Sanna K Thomas PA
Latest answer by Sanna K Thomas PA
July 14 | 1 answers
Investment property in Orlando, FL region
Profile picture for Julie Wright
Latest answer by Julie Wright
July 09 | 5 answers
Need help/advice buying a single family home near Florida Hospital-Celebration
Profile picture for Geofrey Merino
Latest answer by Geofrey Merino
July 08 | 4 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 4862 Cay View Ave BLDG 9, Orlando, FL Home For Sale
    4862 Cay View Ave BLDG 9, Orlando, FL 32819

     For Sale: $188,650

    • Beds: 3
    • Sqft: 1247
    • Baths: 2.0
    • Lot: --
  2. 3279 Amaca Cir, Orlando, FL Home For Sale
    3279 Amaca Cir, Orlando, FL 32837

     For Sale: $332,900

    • Beds: 4
    • Sqft: 2672
    • Baths: 2.5
    • Lot: 9147
  3. 1300 Serena Dr, Winter Park, FL Home For Sale
    1300 Serena Dr, Winter Park, FL 32789

     For Sale: $400,000

    • Beds: 3
    • Sqft: 2342
    • Baths: 2.0
    • Lot: 6969