What Is A Short Sale?

It is when a homeowner owes more on a property than it is currently worth.  A homeowner is “Short” when a borrower owes an amount on his property that when combined with closing costs and commission is higher than current market value.

Therefore, a “SHORT SALE” occurs when a negotiation is entered into with the homeowner’s mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is “sold short”.

A short sale requires the effort, cooperation and most importantly the patience of all parties involved.  This includes the listing agent, buyers agent, buyers, sellers, title company, attorney, and appraisers. 

There are many tasks associated with a short sale.  Coordinating with everyone invloved can be time consuming and stressful.  This is why you should hire a knowledgable and expert in short sale processing and negotiation.