Short Sales from a Sellers Perspective
I am asked daily by both buyers and sellers what a short sale is. I thought I would start with a simple explanation of a short sale and then will go on to provide a look at short sales specifically from a sellers point of view. A short sale happens when a home owner wants to sell their home and the market value is lower than the balance of the mortgage(s). This is commonly referred to as being upside down in the mortgage. There are two ways to go through with the sale of the property when the mortgage is upside down, 1) the seller can bring cash to the closing to make up the difference. or 2) the lein holder(s) can be asked to approve the sale and accept the market value as payment in full.
Categories: Home Sellers, Short Sales Tags: Home Sale, Sell, Short Sale
