Saturday, February 25, 2012

Short Sale definition

A short sale is a sale of 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, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.

Now granted we still don't know if the short sale will go through on our house but assuming it will--Do you not see some craziness in this?  The bank will agree to take less from another buyer versus working with the current owner.

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