Definition of Short Sale. A short sale is the sale of a home for less than the homeowner owes on the mortgage. A homeowner who is unable to keep up with the mortgage payments may try to sell a home in a short sale to avoid going into foreclosure. short sales can be challenging for both buyers and sellers because there’s often more than one mortgage.
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Scott, Short sales are great, but do NOT expect to purchase at a bargain price – especially if two lenders are involved. Treat a short sale as you would a regular sale with understanding that there is that additional contingency on the seller’s side called lender approval – this is why offering a market price for the property is a wise decision if you like the home.
Short Sale: A term that describes the sale of a property for an amount less than the unpaid mortgage. This happens when a borrower cannot afford to keep making mortgage payments and cannot pay the difference between the sale price and the unpaid mortgage.
"Approved for short sale" means the bank has already determined that the homeowner qualifies for a short sale and has approved the request to sell the property at a reduced price. It is possible that an earlier buyer made an offer that was approved, but did not close the transaction.
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Short Sale Negotiation. Negotiation through the loss mitigation department will be the key factor in getting your new home at a deep discount. If opportunities emerge in which lenders can sell distressed properties without registering big losses, they will do it.
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Short sale Selling a security that the seller does not own but is committed to repurchasing eventually. It is used to capitalize on an expected decline in the security’s price. Short Sale The sale of borrowed securities. In a short sale, one borrows securities, usually from a brokerage, and sells them.
A short sale occurs only with the lender’s permission when a home’s value has declined and the mortgage holder owes more than the home is worth. The homeowner not only has no equity, but in.