Tag: short sale meaning

'Short Sale Tips: The Myths About The Short Sale Process

A short sale is not an unfamiliar term in the real estate business and many homeowners resort to this process for a variety of personal reasons. But what exactly is a short sale? A short sale is the process of when a homeowner sells their home for an amount that is less than the balance they owe the mortgage company. The proceeds from the short sale will be used to pay for a fraction of the balance. This is what many homeowners resort to when they really need to sell the property but owe more than what the property is currently worth.

'Real Estate Tips: What Is A “Short Sale” And How Does It Work

Short sale happens when someone failed to pay his or her mortgage on time due to some financial difficulties. Instead of opting to a foreclosure, the bank may allow the home owner to turn over the property to them, which will then allow the home to be sold as close to its market value as possible.
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