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Jennifer, Renter in 19365

WHAT IS A SHORT SALE?

Asked by Jennifer, 19365 Tue Jul 14, 2009

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A short sale is a property that will sell for less than is owed the bank thus making the bank a third party in all negotiations. You can be certified to do so. I have two SFR Short Sale Foreclosure Resource, CDPE Certified Distressed Property Expert. Also you have properties that have been foreclosed on and are now bank owned (REO) and you can get a designation which I have to also represent the bank as a listing agent on the sale of the property.
Best Regards,
Rick
0 votes Thank Flag Link Thu Jan 16, 2014
Hello, Jennifer!

When a home-owner can no longer afford the payments on their home, the owner, with the bank's permission, will sell the home for less that what is owed to the bank. Thus the name "short sale". The owner does this in order to be able to get the home sold before the bank forecloses on it.

Hope this helps you understand what a short sale is.

Brigita A. McKelvie, REALTOR, e-PRO, GRI
Keller Williams Real Estate, Bethlehem, PA
Office: 610-867-8888 Direct: 610-393-9424
E-mail: brigita@brigitamklv.com
Web: http://www.ruralandhorseproperties.com
Blog: http://activerain.com/blogs/brigitam
0 votes Thank Flag Link Tue Jul 14, 2009
Hi Jennifer. A short sale is a real estate sale where the proceeds from the sale are LESS than the amount owed by the homeowner/seller on his mortgage. The bank/lender agrees to discount the loan balance recognizing the changing market values (as a result of market conditions) as well as, perhaps, the economic hardship of the homeowner/seller.

A short sale can be a GREAT opportunity to the homebuyer....who can typically get a home at a good value. The trade off is that typically a buyer involved with a short sale must be patient in that the bank/lender may take many weeks to respond to an offer (although this lag time seems to be improving with many banks/lenders).

I hope this helps. If you have any further questions about short sales -- or the homebuying process in general -- feel free to call me direct at (610) 324-5240. It would be my pleasure to assist you in any way that I can.

Good luck & blessings to you..............

Warmly,
Judy

Judy May, Esquire, REALTOR
"A Refreshingly Different Real Estate Experience"
http://www.JudysFineHomes.com
http://www.CollegevilleAreaHomes.com
Judy.May@Century21.com
CENTURY 21 Alliance
2828 Audubon Village Dr.
Audubon PA 19403
O: (610) 666-0202 x. 226
C: (610) 324-5240 (preferred)
F: (610) 666-1942
0 votes Thank Flag Link Tue Jul 14, 2009
A short sale is when a home sells for less than is owed to the bank. This is often a long process with many hoops to jump through in order for the lender to approve it.
0 votes Thank Flag Link Tue Jul 14, 2009
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