Hi Ken,

Go here for the long answer that is required to explain short sales. http://www.CheapPhoenixHomes.com/shortsales

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PAUL WELDEN
Buyer's Agent
HomeSmart

LOL! Good one, Stew! And actually, Ken, that's not far from the truth. :)

...randy

Hi Ken,

A Short Sale happens when a seller is so upside down in their home they actually "loose their shorts" thus the words "Short Sale"...

OK, not on a serious note. The owner/seller is selling the home "short" (less than) of what is owed.

Cheers,


Stew Keene
Inspire Realty Group
Keller Williams Realty
2008-2009 Master of Real Estate award recipient

Simply put, it is getting the lending facility to accept less than the mortgage balance in the sale of a property. A bank will do this to avoid the legal costs associated with a foreclosure.

Hi Ken!

A "short sale" is when the homeowner owes more on their mortgage loan(s) than the property is worth, and they are attempting to sell the home in hopes of getting the lender(s)to approve the sale and take less than payoff.

In one sentence, that's it. But it's a VERY complicated and difficult process,and only about 10% of them ever make it to closing.

Does that help?

...randy