What is a 'Short Sale'?

I'm often asked 'What is a Short Sale'?  Most people that ask think that it relates to the time it takes to sell; the time frame is 'Short' not 'Long'!  It actually has nothing to do with the time it takes for the sale to take place.  It can often times be a long journey to take but, surprisingly, can also go rather quickly if you have the proper paperwork in place when it comes time to submit the request.

A 'Short Sale' is a sale that takes place when a mortgage lender, usually a Bank, agrees to accept less to settle the debt than the full amount contractually owed by the homeowner. To be 'forgiven' of a large portion of a mortgage debt is a blessing for which a debtor may be very thankful.

When you have further real estate related questions and need an expert real estate broker's opinion, please contact me at the number below or email me with your questions. When you're ready to sell or buy your next home I'd love the opportunity to work with you.



Randy Schulenburg
Managing Broker
Mortgage 1st Realty, Inc.
224-805-2616 Direct
randy.schulenburg@gmail.com

www.ActiveRain.com/mmortgage