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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.
13 years ago. Rating: 7 | |
means the same as in the Uk could not have put that better
Thanks, Mel. UK have the same policy and procedure with real estate transactions as USA did not know that, thanks again. :-)
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