Sheila Bowers, Real Estate Pro in Hampton, VA

whats a short sale/

Asked by Sheila Bowers, Hampton, VA Thu May 7, 2009

Help the community by answering this question:


The best way to describe a short sale is that when you go to buy something at the Grocery Store and your bill is $2.00 and all you have is $1.50. Therefore, you ask the woman at the counter if you can get it for less. She then goes to her manager and other people of management if that is ok. There is a chance they will let you leave only paying $1.50 but some times, they will tell you that you owe them the difference and you need to come back and pay. That is short sale in a nutshell.

The bank has the right to make the seller pay off less than it is and with the right to come after the difference in a latter time.

Edwin Geace
0 votes Thank Flag Link Thu May 7, 2009
Hey Sheila,

A short sale is when the seller is still the owner of the property but the payoff is less than the market value of the home and the seller does not have the funds to pay the bank the additional amount. Sometimes the bank will take less than what is owed on the house to try to prevent it from going into foreclosure. It is a very lenghtly and time consuming process. You have to have all the required documents from the bank before you can submit them an offer. The Seller has to agree upon the price first and then it has to go to the mortgage company for approval. In some cases it could take up to 6 months for the property to actually close. You must have a patient buyer. Hope this helps.
0 votes Thank Flag Link Thu May 7, 2009

This blog post might help answer some of your questions:…

This post includes some video of a California attorney that speaks about Short Sales.
If I can help with the South Carolina market, please feel free to call or email me.

Have A Great Weekend!


David A. Patterson, Associate Broker
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0 votes Thank Flag Link Thu May 7, 2009
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