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07-27-2009, 06:07 PM #1
Renter
- Join Date
- Jun 2009
- Location
- Seattle
- Posts
- 6
Can anybody advice me what is Short-Sale?
As well as what is a good source of information on it, and how do I get started?I have been gone through on google and yahoo but didn't find the info I want..
can anybody help me out
thanks
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07-28-2009, 09:54 AM #2
Banned
- Join Date
- Jul 2009
- Location
- Connecticut
- Posts
- 522
Hi,
A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.
In a short sale, the seller arranges with their mortgage lender to accept a price that's less than the amount they owe on the property. As part of this arrangement, the lender typically agrees to forgive the rest of the loan. As a result, the seller doesn't have to go though a foreclosure, the buyer picks up a property at a discount, and the lender avoids taking on the burden of unloading the property.
Thanks.
How to sell house quick?
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