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
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..............
Judy May, Esquire, REALTOR
"A Refreshingly Different Real Estate Experience"
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