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A "short sale" refers to a home that is being sold for less than the balance owed to the mortgage company. For example, a home is listed for 450,000, but the owner owes 600,000 on the home. This would be a short sale.
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∙ 16y ago
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Does a short sale happen when I stop making mortgage payments?
No. A foreclosure is what happens when you stop making mortgage payments. A short sale must be discussed and negotiated with the lender. In that case the lender agrees to accept the proceeds of a sale of the property even if they fall short of what is owed on the mortgage. They agree to forgive any remaining balance on the loan. It is a way to avoid a foreclosure. Not all lenders will agree to a short sale.
Is a short sale public record?
is a short sale on public records
What is a short sale in real estate?
A short sale is a sale in real estate, in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens' full amounts and where the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.
Where can I find a price on a short sale?
Many realtors will sell a house as a short sale. However a short sale has to be approved by the bank first.
Can you short sale your house to your spouse?
A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.
Can you purchase a short sale with an fha loan?
Yes, you can purchase a Short Sale with an FHA loan. There are no restrictions on the type of financing in the purchase of a short sale.
How long will you credit be messed up if you are doing short sale?
A short sale is an option when a property owner is not able to afford the obligations of a loan. The amount of time a short sale is on a credit report can be answered by a lawyer who is assisting in the short sale. A short sale may hinder future loans.
Buyer's short sale savings?
Short sale is a great option for investors who want to make some money. If they make a smart purchase of a short sale home they can earn a huge profit. But, they need to be very careful when buying a short sale.
What does ssa stand for in real estate listings?
Short Sale Advisory ~ or Short Sale Addendum
On a Short Sale are you still responsible to pay the remainder of a home loan and if so is there any way around it?
If you had Mortgage Insurance on it, there is a chance that they may make up the short fall. You will have to check your policy to see if it is included.
What happens to your credit on a short sale?
A short sale will have a detrimental affect on your credit record but not as bad as a foreclosure.
Is it better to short sale a house or refinance to get credit in good standing?
It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.
