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owner/seller the signed contract must be submitted to the bank that holds the mortgage and the bank must approve the sale knowing that they will receive an amount that does not fully pay off the existing mortgage. This 3rd party approval adds an additional step and banks have been known to take several months to either approve or deny a sale.
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9 Comments on Ormond By the Sea Florida Consumer FAQ post #3 What is a short sale?
Al, one of the better explanations of the short sale that I have seen. Nice work.
good morning, Al.... do those boxers belong to you or Rhonda.... and who doesn't love sponge bob????
Thank you for stopping by to read my blog and to comment this morning Josh, Ron and Barbara, I appreciate your comments and support. Have a great day.
Josh, thanks, best of luck to you as well.
Ron, thanks for the kudos. This is a common question although there are a number of folks that will not ask, they think everyone knows but them.
Barbara, thanks, they are my shorts I wear around the house.
Al, Nice explanation of short sales this morning and the steps that are involved to make them work...like your dhorts Mr Sponge Bob!
Al, I like the sponge Bob stuff! good post on Short sales, They have come a long way from the 6-9 months we used to wait to get them done...
Good Morning AL, I Love Sponge Bob. I have spent many a days watching with my nephews. On the serious side a very nice blog on short sales. They sure have come a long way as I can get an answers in as little as 30 days now.
Al, this is a great explanation. And, short sales today is a dirty word. But, there's always tomorrow!
Thank you for dropping in to read my blog and to comment Larry & Sheila, Frank, Scott and Suzanne, I appreciate your comments and support. Seems everybody likes my shorts. Have a fabulous holiday weekend.