What is a short sale ?
Posted: May 29th, 2009 | Author: admin | Filed under: Short Sales | Tags: Banks, Loans, Short Sale Real estate | No Comments »With all the talk today about pre foreclosures and SHORT SALES i am asked everyday
“what is a short sale ?”
Wikipedia States:
“A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.”
Quite simply
“The Bank(s) or mortgage companies agree to take less money than is owed to them for the loan or loans on the property”
Although different states have different laws and most are changing these almost daily the Owners generally can walk away from their property without being put into a state of foreclosure and are often able to buy a new property soon after.
