Ken, Other/Just Looking in Lake Havasu City, AZ

what's a short sale ?

Asked by Ken, Lake Havasu City, AZ Tue Feb 10, 2009

Help the community by answering this question:

Answers

5
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
1 vote Thank Flag Link Tue Feb 10, 2009
Hi Ken,

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

---
PAUL WELDEN
Buyer's Agent
HomeSmart
0 votes Thank Flag Link Tue Feb 10, 2009
LOL! Good one, Stew! And actually, Ken, that's not far from the truth. :)

...randy
0 votes Thank Flag Link Tue Feb 10, 2009
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
0 votes Thank Flag Link Tue Feb 10, 2009
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.
0 votes Thank Flag Link Tue Feb 10, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer