What does this mean when the house is sold as a sort sale?

Asked by Jennifer, Slatington, PA Fri May 15, 2009

Is the heating systems in the house up to date?

This question is about this property: http://www.trulia.com/property/1071071634-7330-Pa-Route-873-…

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Geraldine Sc…, Both Buyer And Seller, Slatington, PA
Sun May 23, 2010
From what I have been told a short sale is that the owner maybe still paying on the house but cannot afford to pay the full mortgage. The bank then takes over the property and they then sale the property for less than the owner owes on the house. For instance, the house mortgage balance is 20,000. so now the bank will sell it for maybe 14, 000 just to sale it.
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Terrence Cha…, Home Owner, Allentown, PA
Fri May 15, 2009
Short sale basically means that the owner owes more than what they will be getting from the sale of the property. The bank needs to approve any agreements of sale before the sale can be finalized.

Terrence Charest, e-Pro
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