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What is a Short Sale?
In the world of Real Estate, a short sale refers to the sale of real property for an amount less than the amount owed on the property. In the short sale scenario, the bank agrees to accept less than the full balance due on the debt, and usually ‘forgives’ all or a large portion of the difference. A Short Sale is a win-win solution for the home owner and the lender. The lender gets the highest price for a quick sale at a market price. The borrowers get their credit restored and generally get relief from possible future legal actions and deficiency judgments.
Short Sales occur when borrowers sell their property for a sales price less than the amount owed to their lender(s) after all sales expenses, including brokerage fees, are taken into account. In order for this to take place the lender(s) must accept a discounted payoff; meaning the bank(s) get paid less than the full loan amount owed. In a short sale, the homeowners get complete relief from all of their mortgage debt.
The end result is your home is sold, the mortgage is satisfied (paid off) and you avoid a foreclosure or a bankruptcy in the event of hardship. Perhaps even better, your credit rating will almost immediately improve because your credit report shows that your mortgage was paid in full. For more information about the Short Sale process, take a look at the Short Sale Q & A Section.