Q: There is a home for sale on my block in Castor Gardens that says it's a "short sale," and my son would like to buy it. Does that mean it will be a fast settlement, and can my son offer less than the owner is asking?

A: Selling a home through a "short sale" means that the homeowner owes more on his mortgage loan than the price he is realistically able to sell it today. Either the homeowner is behind on his mortgage payments or is facing a hardship and is trying to avoid foreclosure by selling the home. A successful sale of this property would be "shorting" the mortgage lender what is owed on the mortgage. Despite the name "short sale," it is normally not a short process...

Read all here: Real NEastate: Short Sale in Castor Gardens « NEastPhilly.com 

Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams Real Esate. Her Real NEastate column appears on NEastPhilly.com every Wednesday.