what is a short sale and how does it work?
April 27th, 2010We have a house for short sale but the house market is so bad now, the asking price is 1,300,000,how long do you think it will remain unsold? will the house sell faster if we do a short sale.
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Posted in Questions & Answers | Comments (2)
April 27th, 2010 at 9:49 pm
With a short sale, you must have the cooperation of the mortgage holder. An example of a short sale would be if you owed 300,000 on your house and you were only able to sell the house for 250,000. The lender would have to be willing to accept the 250,000 as payment in full. Otherwise you would still owe them the additional 50,000. With the housing market the way it is, lenders are getting more choosy on which houses they’re willing to do this with.
April 27th, 2010 at 10:36 pm
The house will remain unsold until a buyer comes up who wants to buy it. In real estate, a short sale if the sale of a house for less than is owed on it. If your house has a $1 mortgage and you put it on the market at $900,000, you will be making a short sale. If the mortgage holder agrees to the short sale, the selling price will pay off the mortgage and you will have no further obligation. If the mortgage holder does not agree, you will be liable for the difference between the selling price and the amount of the mortgage.