real estate short sales: Short Sales
- 12/05/08 07:53 AM
There's a lot of talk today about "Short Sales". Are they good or bad and for whom? Having sold and closed hundreds of foreclosed properties, I have had the opportunity to become involved with pre-foreclosure sales, also known as "Short Sales". Let's define a "Short Sale". When a homeowner can no longer afford the mortgage payments and the mortgage balance is greater than the market value of the property, the homeowner's mortgage lender is asked to forgive part of the mortgage balance. Say the homeowner purchased their house in 2005 for $350,000 and obtained a first mortgage of $315,000. The current … (0 comments)
There's a lot of talk today about "Short Sales". Are they good or bad and for whom? Having sold and closed hundreds of foreclosed properties, I have had the opportunity to become involved with pre-foreclosure sales, also known as "Short Sales".
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