Profile picture for user6338055

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.
January 25 - Paradise Hills
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 (5)

Short sales are any sale of real estate that generates proceeds that are less than the amount owed on the property. A real estate short sale occurs when the lender and borrower decide that selling the property and absorbing a moderate loss is preferable to having the borrower default on the loan. It is therefore an alternative to foreclosure. A short sale can also damage your credit and prevent you from obtaining a mortgage for the next few years. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  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.
January 29
A short sale occurs when the mortgage on a property is more than the accepted sale price. At that point the mortgagee (lender) must approve the sale for it to go through.
  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.
January 26

Hi, 

A short sale means that the homeowner owes more money on the house than it is worth. They are most likely facing the risk of foreclosure as well. Rather than losing the property to the bank through foreclosure, the homeowner is attempting to sell the house to another party for less than the mortgage balance(s) and will try to get the bank(s) to approve the sale and write off the unpaid amounts. A short sale does less damage on your credit than foreclosure.
However, it can take a while for the bank to approve short sales so a buyer should be willing to be rather patient (months to years...)
If you are considering buying a short sale, you can have your realtor contact the listing agent for more information on the house. Also, a realtor experienced with short sales can often help make the process a little smooth and hopefully shorter as well.

Good luck!
  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.
January 25
This is a sale in which the homeowner owes more than it is worth and requests the lender to accept a short payoff.
  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.
January 25
When the proceeds from the sale of real estate falls short of the balance of debts secured by liens against the property sold and the owner cannot afford to repay the balance of this shortage from other assets.
The lien holders agree to release their lien on the property, accepting less than the full amount owed.
  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.
January 25
 
Related Questions
what is a short sale
Profile picture for Brian Nguyen
Latest answer by Brian Nguyen
January 29 | 5 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. 823 Teal Wing Way, Henderson, NV Home For Sale
    823 Teal Wing Way, Henderson, NV 89002

     For Sale: $199,990

    • Beds: 4
    • Sqft: 1822
    • Baths: 2.0
    • Lot: 5663
  2. 386 Severn Ct, Henderson, NV Home For Sale
    386 Severn Ct, Henderson, NV 89002

     For Sale: $217,900

    • Beds: 6
    • Sqft: 2193
    • Baths: 2.0
    • Lot: 10278
  3. 520 Summit Dr, Henderson, NV Home For Sale
    520 Summit Dr, Henderson, NV 89002

     For Sale: $118,000

    • Beds: 4
    • Sqft: 1522
    • Baths: 1.0
    • Lot: 7405