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.
- Foreclosure Prevention Help in available North Carolina(theraleighmortgageguy.com)
- Help for Homeowners – HARP Extended through 2012 (theraleighmortgageguy.com)
- Raleigh Real Estate – It’s NOT a Buyers Market! (theraleighmortgageguy.com)