Requires bank approval purchase property from property owner.

Owner has requested bank take less than mortgage amount where they can sale property.

I have been a listing/buyers agent with short sales is always drama, not due to agents banks why of conducting business.

Buyers Agent can detail more for you

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

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When the homeowner is behind on the mortgage payment and current value of the house is less than the loan amount. If the seller and bank agree to sell the house, where the bank is willing to sell the house for less than the currrent loan amount. The homeowner must qualify for hardship that they can't hold the mortgage. It takes a longer time than the regular sale. Good Luck
Jane Zilpelwar

Although a short sale is usually time consuming, it can result in a very good deal. You must be in a position, like renting without a lease to take advantage of these properties.

Carol Bromm, SRES, CBR
Licensed Associate Broker
Prudential Douglas Elliman
631 860-1312

A short sale is is a transaction in which the seller owes more to the bank than the home is worth and the owner works with the bank to agree to sell the home for less than the amount that is owed on it.

These sales are typically very slow and challenging for buyers, sellers, and agents.....and too often result in disappointment.

Our advice is to consider all options when seeking a good value....including traditional sales and foreclosures.

Good luck
The Eckler Team

A short sale is a situation where the current owner of a home may have bought the home when prices were higher or continued to take money out of the house in the form of refinancing or second or third loans and owes more money on the house than the house is worth in the current market. If the owner can no longer afford to pay the mortgage and wants to sell the house rather than go to foreclosure, that owner goes to the bank and asks whether they will accept less than the owner owes on the property. If the bank agrees, any potential offer on the house has to be approved by the bank in order for the sale to go through. If you're thinking of purchasing a home via short sale, I would be pleased to assist you. Please feel free to contact me by phone or email.

Ralph Windschuh
Certified Buyer Representative
Associate Broker
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com

Hi Fdafoo

To keep this simple............
A short sale is a situation in which the seller owes more to the bank than the property is worth. Rather than having to bring money to the closing table to make up the shortage, the seller is asking the bank to accept less for the home. In order to be allowed to do this, the seller would need to show a hardship of some sort - those stipulations depend on the lender.
Although your credit will be negatively affected by a short sale, it won't be as bad as with a foreclsoure.

If you are thinking of going the short sale route - check with your lender first. These sales can be delayed and take many months while the parties wait for final bank approval.

Good luck....
Debbie Rose
Prudential NJ Propertties