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Answers (6)
- Lilly Dl, "Real Estate in MA"
- Contributions:60
Short sale created when the sales price of the property is less then seller current mortgage amount. Short sale is always subject to approval by third party (lender) and if seller have a good attorney they can get them out without debt (if the bank wants a fair market value and willing to let seller sell it to some good hands, for banks its can be better alternative then go into foreclosure). Not all short sales close succesfully, usually some different problems come out during the process.
- blueeyes4ya
- Contributions:3
I was steering away from short sales, but there's one I feel is worth it. I put an offer on it 2 weeks ago, I feel the bank (seller's) shouldn't take their sweet time deciding what to take for it. It's too bad depending on the seller's situation their reason why for selling. In my case the seller's are selling due to job loss. It's listed at a very deceiving price which is what I offered. Somehow the bank should find a way of getting their money from the seller besides not accepting my offer.
What it's listed for is pretty on the money what it's worth.
What it's listed for is pretty on the money what it's worth.
- Chris & Stephanie Somers, "TheSomersTeam"
- Contributions:1187
Anthony12,
Short Sales are when the owner of a home sells their property for less that what is owed and the bank agrees to take less. This does not mean the the seller is always forgiven the remainder. In some cases the bank agrees to simply take the lesser amount and in other cases the seller must repay the bank the entire amount or a portion of the deficit.
We have done many Philadelphia Short Sales and here is a link of some of the blogs we've done on the subject:
http://activerain.com/blogs/thesomersteam/tags/short sales
Short Sales are when the owner of a home sells their property for less that what is owed and the bank agrees to take less. This does not mean the the seller is always forgiven the remainder. In some cases the bank agrees to simply take the lesser amount and in other cases the seller must repay the bank the entire amount or a portion of the deficit.
We have done many Philadelphia Short Sales and here is a link of some of the blogs we've done on the subject:
http://activerain.com/blogs/thesomersteam/tags/short sales
- Heidi Zizza, "Heidi Zizza REALTOR"
- Contributions:724
when your market value is less than your current mortgage debt.
- Scott Langley, "scottlangley"
- Contributions:311
That is very well put.
- Linda Strasberg, "L Strasberg"
- Contributions:2314
Short Sale is defined as a RE transaction where the bank who holds the note(s) agree to accept an offer from a buyer who wishes to purchase the property for less than what is owed by the seller. Generally the amount offered is the current fair market price. A short sale is suggested and advised by lenders when the borrower is experiencing a financial hardship and can no longer meet their financial obligations and would otherwise face foreclosure.
what is meant by SHORT SALE
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