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    what is a short sale?

    I'll looking at buying a house and the Realtor is stating this this particular property is a Lender Approved Short Sale. What does this mean?

    +2  Views: 442 Answers: 3 Posted: 13 years ago

    3 Answers

    A short sale occurs when a seller owes more on his property than it is currently worth, does not have the necessary money to pay the difference and the bank agrees to accept less than the full amount of the mortgage.  In order to qualify for a short sale the home owner must also demonstrate financial hardship. 


    A short sale is obviously not the ideal situation for a home owner or the bank for that matter.  No one wants to be in a situation where they are force to short sell their home but it is a much better option for both parties than a foreclosure.

    melandrupert

    means the same as in the Uk could not have put that better
    IamPamela313

    Thanks, Mel. UK have the same policy and procedure with real estate transactions as USA did not know that, thanks again. :-)

    Thanks!!  And I assume, then, that if i make an offer less than the price, that i'll be negotiating with the Bank and not the homeowner??

    IamPamela313

    Negotiation will be with the listing agent.

    thats where they have end of summer sales!



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