A short sale is a sale price that is less that the amount that is owed to the lender on the mortgage. You have to be very patient if you write a contract on a short sale. Although Congress has passed a law that the lenders are supposed to answer the seller within in 30 days now that June 15 has passed. I wrote an offer on a short sale March 3 that we still do not have the answer back from the lender. If you need any help finding your new home I would love to help.
As answered, a short sale is when a lender agrees to accept less than they are owed, thereby being paid 'short'. Restrictions do apply, but if you find that you may need to sell your home short, please contact a Realtor in your area who has a proven track record closing short sales.
Berkshire West Realty
NMLS # 6395
Financing Kentucky One Home at a Time