This is a term we hear everyday in the Real Estate world. What actually is a short sale. NJAR has defined a short sale as a tranaction where title transfers, where sale price is insufficient to pay the total of all liens and costs of sale and where the seller does not bring sufficient liquid assets to the closing to cure all deficiencies.  

Sellers may feel that they do not have any options when they are in this position.It is our job to guide them throught this situation. Here are a few options that the seller has while talking about a short sale.

1. Keep the property

2. Sell the property and pay the balance

3. Negotiate a workout with the lein holder

4. Negotiate with lien holder to close as short sale

5. Deed in Lieu of Foreclosure

6. Lien Holder can foreclosure

What is the best solution for you?

If you have questions about short sales call your local Realtor.

Make sure that you ask whether your agent has experience in working with short sales.