What is a short sell?
3 Answers
Simply put, a short sale home is one is which the current owner owes more for the home than they could currently sell it for. Due to this, they need to go to their lender once they have an offer and ask the lender to let them sell the home "short" of what they owe. As a buyer, you would need to be patient in this situation as it can sometimes take the lender weeks or months to respond to the seller's request. As a Buyer or Seller you want to make sure your Realtor is familiar with Short Sale transactions and can talk you through all the pros and cons.
Someone in foreclosure that cannot make the mortgage payment. Basically "if" the owe 200,000 and their home is worth 150,000 the seller will ask their mortgage company AFTER the seller has accepted an offer to waive their deficiency. This is a huge pain and can take 60 to 120+ days. Don't waste your time. Also, The Seller has to prove they have a legit hardship.
Is this more common now due to the economy and so many people losing their incomes? I would think it would be.
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