What is a Short Sale?

The term “SHORT SALE” has surged forth into the modern lexicon about as fast as Scotty MCreery has.  Hopefully one will remain longer than the other and I will let you decide which you prefer. As for me, I like the kid and not just because his high school is 1,000 yards from my home either.

Unlike Scotty however, most people although they have heard the term SHORT SALE they really don’t know what the term means so here is a very basic explanation that I tried out on Bella (my six year old daughter) and although it bored her to tears, even she understood it.

 What is a Short Sale?

The term short sale refers to any time a seller (of anything really) must sell for either less than they owe or less than they paid for that item. In the case of real estate it often refers to both when a seller bought at the top of the market  generally speaking from 2005 – 2008 and now find themselves “underwater” on their mortgage meaning they owe more than they can presently sell the house for and cannot convey the deed to the buyer at closing without their lenders approval.

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Since relocating from Northern Michigan in 2007 I have lived in Garner (27529) with my wife Melanie and our four children. With personal production of 8MM in real estate sales across Southern Wake County I am considered to be a local market expert in the following communities: Garner (27529), Fuquay-Varina (27526), Holly-Springs (27540), Apex (27502), and Raleigh (27603, 27604, 27606, 27609, 27610)) which spans from downtown Raleigh to Willow Spring including Lake Wheeler. Call or email me, I’m here to help! Ricardo Cobos (919) 526-0183

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Comments

  1. […] And the list one son and on. Not only do the parties to the sale (the buyers and sellers) have to agree to the terms of the  sale but to some extent so do the third parties involved.  Any one of these  players can delay or cause the sale to fail. Further complicating this delicate ballet of timing and process is the introduction of yet another party; The Investor who is owed more than the property is being sold for also known as The Short Sale. […]