What is a short sale in real estate and what are the rules for buying/selling a short sale house?

Asked by , Thu Mar 13, 2008

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lendersnetwo…, Agent, Plano, TX
Thu Oct 24, 2013
12 months after a short sale you're now eligible for a new HUD program for an FHA loan, as long as you have reestablished positive payment history after the short sale

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUD’s minimum eligibility requirements.
1 vote
Patti Kane, Home Buyer, Boulder, CO
Sun Jun 23, 2013
I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I am very happy to be able to purchase again.
CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
1 vote
John Youker,…, , Beavercreek, OH
Thu Mar 13, 2008
The first thing that will help you more than anything is to work with an agent who is profeicient in dealing with the mortgage companies on short sales as it is a very difficult process at times. If you have further questions, we provide coaching, training, representation, and referral service to your local area for short sales.
1 vote
Mary Starkey, , Dayton, OH
Thu Mar 13, 2008
One of the questions to ask is if the bank has already approved a short sell. Usually, they will wait for an offer to come in along with the seller's financial situation before they even start to consider a short sell. The process may be long and the buyer has to have patience as the banks are swamped with foreclosures and short sell request. So, if the buyer has time and patience and are ready to buy with good financial credentials they came find some great deals through short sell.
Web Reference:  http://www.MaryStarkey.com
1 vote
Jason Lindst…, , Rockford, IL
Thu Mar 13, 2008
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. A lot of lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.
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