Is there a simple explanation of a "Short Sale"?

Asked by Gail Morgan, Unionville, CT Fri Jan 11, 2013

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Jim Olive, Agent, Key West, FL
Fri Jan 11, 2013
Janice's answer is very simple, but to be accurate, I think it needs to include the fact that the bank is agreeing to TAKE less money than you owe. You can be underwater, but make up the difference out of your pocket and that's NOT a short sale. Sometimes the bank will see the assets you have available to you and demand that you make up the difference (denying the short sale). Best of luck...
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The reason I asked the question is that I know someone who has been waiting for an answer from the bank as this person has put a deposit on some real estate that is posted as a short sale and many, many months have passed and I hope it hasn't been a mistake to wait it out what with mortgage rates being so low at this time. Thanks for your answer.
Flag Sat Jan 12, 2013
Janice Strehl, Agent, Livonia, MI
Fri Jan 11, 2013
A short sale is when the value of the house is less than the money the owner owes the bank.
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