What is a short sale anyway?

Real Estate Agent with Keller Williams Realty

In today's market, there have been many short sales. However, this term has been misunderstood by consumers. Most people think a short sale is a great "steal of a deal". While this may be true in certain cases, there are things you should know.

Short sales are nothing more than a seller of a property owing more money to the lender than the home is currently valued my the market conditions. In approved cases, the lender has agreed to accept less for the property than what the seller owes. What does that mean? Well, most importantly it means the price is determined by market conditions. Ironically, this is the same way most homes are valued.

That being said, there are deals to be had. The wealth of information available on the internet allows most consumers to determine the correct pricing for a home. However, there are several factors that need to be taken into consideration that my affect the price of a home. Contact a real estate professional todayto have an in-depth, cost analysis completed with no obligation.

Comments (2)

Michael A. Caruso
Surterre Properties - Laguna Niguel, CA

We should probably start calling them long sales!

Sep 17, 2009 07:26 AM
Scott Riedel

So true Michael! They are a process!

Sep 17, 2009 10:30 AM