bankruptcy: What's all the buzz about: SHORT SALES
- 02/04/08 10:46 AM
The hot button in real estate these days is the Short Sale. "Short Sale" is not an official real estate term. It's a vernacular expression encompassing a real estate transaction where a seller received an offer from a buyer to purchase the seller’s property. The offered price, however, is less that the amount owed to the bank or lender (and there could be more than one) plus closing and other ancillary costs.
Some lenders call it a “work out”, others a “settlement”; still other lenders use the term “short sale” as a transaction where the seller accepts , in the … (3 comments)
The hot button in real estate these days is the Short Sale. "Short Sale" is not an official real estate term. It's a vernacular expression encompassing a real estate transaction where a seller received an offer from a buyer to purchase the seller’s property. The offered price, however, is less that the amount owed to the bank or lender (and there could be more than one) plus closing and other ancillary costs.;)
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