tough real estate market: Buying a Short Sale - 05/11/08 07:21 AM
Short sales. Before I entered the real estate industry, selling short meant selling a security that you didn't own and repurchasing it later at a lower price. But the phrase as it is most commonly used now refers to what happens when the lender discounts the payoff it is owed on a home. In other words, the home is sold for less than is owed, and the lender is willing to accept less than the payoff.
According to Metropolitan Regional Information Systems, Inc., only 1 in 8 "short sale" listings that gets a contract actually goes to settlement. Why is this? … (0 comments)