What is a Short Sale?

[robot2235]

As you know, short sales can be a long and difficult process. Nationwide, only 15-30 percent of short sales get approved. By specializing in short sales, we have learned where many of the problems lie, and have developed procedures to help make short sales close. Once we are handling your short sale, you, your client, the buyer, and the buyer's agent will all be given a proprietary log-in so that you can follow your short sale online. As each situation is different, short sale approval times will vary, but each party will be able to follow the short sale process. In addition, you will be kept abreast though regular emails on your files as developments occur.

[mikes334]

Thanks for the info on what a short sale is. I have always been puzzled by what it was.

[dondi05]

I need those infos too. Now it's clearer to see the in and outs.

[pearsbent]

A short sale is where the owner owes more on the house than what he can sell it for and still pay off his mortgage(s) and cover his closing costs. Sometimes an owner has the additional funds available to bring to closing to cover the deficeit. Most times, though, he doesn't and the lender must approve the "short sale". That means the lender has to agree to the price and terms of the offer on the house. Also the seller must provide "proof of hardship" and lots of financial records. The lender will also require either a BPO (Broker's Price Opinion) on the market value of the house or an appraisal. If the offer is too low, the lender will probably reject the offer. The lender may also decide to foreclose rather than agree to the short sale.

[Sanjula]

Short sales are usually offered when all other methods to save the home from foreclosure have been exhausted.Then the bank allows borrowers to sell their property for less than they owe on their loan.