what is a short sale? i have a few homes that i have seen on here but say short sale.

Asked by tinav92, Canton, OH Sun Apr 14, 2013

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6
Anna M Brocco, Agent, Williston Park, NY
Sun Apr 14, 2013
A short sale occurs when an owner has proven hardship to the lender and can sell for less than owed on his/her mortgage; the owner can accept whatever offer he/she wishes, but the lender decides to accept, reject or counter offer; short sales are by no means fast sales, much will depend on the number of liens involved, who is negotiating the sale for the owner, etc., therefore much patience is oftentimes necessary...
1 vote
Barbara Kach…, Agent, Twinsburg, OH
Sun Apr 14, 2013
SHORT SALE is when the bank that holds the mortgage on the home for sale is willing to work with the home owner in order to sell it for a lesser amount than what the home owner owes on the house.
Depending on the mortgage holder the process could be 30 days or 6 months. There is a lot of information that the seller home owner needs to provide the mortgage company in order to even start the short sale. The best scenario is if that process is already started and they are waiting on an offer from a buyer.

If you have further questions I would be happy to assist you.
1 vote
R. Ryan Bowm…, Agent, Cuyahoga Falls, OH
Sun Apr 14, 2013
It is when the seller is trying to sell their home for less than the mortgage they have on it. After an offer is rec'd they bank has to also review and accept it. There has to be a valid hardship for the seller (unemployment, sickness etc. ). This process is typically longer than a traditional sale because of waiting for the bank to respond to an offer. I would be happy to talk to you further about this. Ryan@SummitRealEstateOhio.com
1 vote
Bill Sloan, , Akron, OH
Mon Apr 15, 2013
Short sale is and lender accepting less then they are owed from a debtor and allowing the property to be sold.
Thanks,
0 votes
John Scaglio…, Agent, Akron, OH
Sun Apr 14, 2013
I short sale is when the seller is asking less for their home then what is actually owned on it.They should call them long drawn out -make an offer and wait up to 4 month to see if the lender will except the offer sale. If there more than one lender that has a lien on the property it make the whole process twice as long.
0 votes
Barbara Kach…, Agent, Twinsburg, OH
Sun Apr 14, 2013
SHORT SALE is when the bank that holds the mortgage on the home for sale is willing to work with the home owner in order to sell it for a lesser amount than what the home owner owes on the house.
Depending on the mortgage holder the process could be 30 days or 6 months. There is a lot of information that the seller home owner needs to provide the mortgage company in order to even start the short sale. The best scenario is if that process is already started and they are waiting on an offer from a buyer.

If you have further questions I would be happy to assist you.
0 votes
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