What Does “Short Sale” Mean?
A “short sale” is when the homeowner owes more on their mortgage than what the property is currently able to sell for in today’s real estate market, and the bank has agreed to let the owner sell for less than what is owed (“short” of what is owed) rather than have to go through the time and expense of foreclosing on the property. Short sales are many times one of the first steps in the foreclosure process. A short sale is definitely, a better option for the homeowner than foreclosure. Short sales often look very appealing to buyers shopping on the Internet because the price is so low. They always look like a real steal! There are few important things you must know about the short sale process: 1. The price on the listing is a price the real estate agent thinks is appropriate. This is not a guaranteed price from the bank. This is just a realtor’s suggestion for a marketable price. Some realtors get it right, and some do not. Banks are not into giving away their money any more than you o
