short sale: Short Sales... Not so Short!
- 03/05/09 02:38 AM
I get many questions regarding short sales, sometimes the same questions from the same people. What exactly is a "short sale" again? It's o.k. I tell them, it sounds too easy to be true. A short sale is when the seller of a home is selling their home "Short" of the market value. For example, a seller owes $300,000.00 on a home that will only sell for $200,000.00. They are "short" $100,000.00. I then explain about the one big problem, getting the bank to approve the short sale. Of course, there are many other problems, ie: the agent keeping the property active … (2 comments)
I get many questions regarding short sales, sometimes the same questions from the same people. What exactly is a "short sale" again? ;)
;)
