Home Buying in La Canada>Question Details

klucy107, Home Buyer in La Canada, CA

Is a "standard sale" and "equity sale" the same thing?

Asked by klucy107, La Canada, CA Wed Dec 18, 2013

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They are the same thing, just two different ways of saying it :)
5 votes Thank Flag Link Wed Dec 18, 2013
An equity sale means their loan is lower than the selling price so their is "equity" An equity sale is what most refer to as a Standard sale. If there isn't enough equity to cove the closing and clear title they are required to tell you upfront.

Best wishes in your purchase!
0 votes Thank Flag Link Thu Dec 19, 2013
klucy107,

Same thing in the vast majority of cases, but it makes you sound way smarter. :-)

As mentioned below, the context in which it's used is to contrast a short sale and that's really why you even hear the term at all.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Wed Dec 18, 2013
Yes, should be a standard transaction.

Best,

Bryan Mecsey
Amerifirst Financial, Inc.
bmecsey@amerifirst.us
(510)725-2665
NMLS: 861229
0 votes Thank Flag Link Wed Dec 18, 2013
You should verify with your realtor..I have heard equity sale used in a foreclosure..that needs be disclosed.
0 votes Thank Flag Link Wed Dec 18, 2013
Yes, the terms imply that it is not a short sale and therefore will not need (seller's) lender approval.
Good luck,
0 votes Thank Flag Link Wed Dec 18, 2013
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