What is a real estate “short sale”?
Posted: February 20, 2010 Filed under: For Sellers, Short Sales | Tags: Short Sales, third party approval 1 Comment »A short sale is the attempt by the property owner to sell their home for less that they owe on it. This type of sale is often advertised as “third party approval required”, meaning that before the sale can conclude the lender will need to agree to take less than they are owed to satisfy the debt.
Note that while the lender may approve the sale, it is important that sellers obtain competent legal and tax advice as the ramifications of short sales can be complicated. The lenders approval of a sale may or may not remove a sellers liability for the difference between the sale price and the note amount.
If you are interested in more information on the short sale process, please contact a realtor who is experienced in short sales. We have quite a few at RE/MAX BRAVO. Give us a call today @ 540-891-8888.
[...] Short Sales , as a general rule, take an extened period of time to close. I have seen it take many months. [...]