selling at a price which is lower than the amount of the outstanding mortgage; perhaps to sell quickly in an attempt to avoid foreclosure. References :
Just google "real estate, short sale" and you will get an excellent explanation of a ’short sale’ and it will be a learning process for you. References : One of the charter members of the Society for the Stimulation of Lazy Researchers.
Yes, there is such a thing as a short sale in real estate
It is when the owner owes more than they can sell the house or are *underwater* in their mortgage.
They would have to get the bank to agree to let them try to short sell the house and even then, a lot of short sales never get to closing. They foreclose first.
Joe Schmo bought a house for $500,000 using a bank in 2005. Now 5 years later he just can’t afford to pays his monthly payments!
Joe Schmo asks the bank if he can SELL his house at a price of let’s say……$100,000. If bank says yes and a buyer comes by and buys at that price then Joe schmo doesn’t have to pay his mortgage anymore. But there are tax payments between the difference of how much he sells it for but not quite sure the details… References :
October 16th, 2010 at 12:17 pm
selling at a price which is lower than the amount of the outstanding mortgage; perhaps to sell quickly in an attempt to avoid foreclosure.
References :
October 16th, 2010 at 12:49 pm
You want us to do your homework for you? No way!
Just google "real estate, short sale" and you will get an excellent explanation of a ’short sale’ and it will be a learning process for you.
References :
One of the charter members of the Society for the Stimulation of Lazy Researchers.
October 16th, 2010 at 1:06 pm
Yes, there is such a thing as a short sale in real estate
It is when the owner owes more than they can sell the house or are *underwater* in their mortgage.
They would have to get the bank to agree to let them try to short sell the house and even then, a lot of short sales never get to closing. They foreclose first.
But, what did you want to know?
References :
October 16th, 2010 at 1:52 pm
Here’s an example to help you…….
Joe Schmo bought a house for $500,000 using a bank in 2005. Now 5 years later he just can’t afford to pays his monthly payments!
Joe Schmo asks the bank if he can SELL his house at a price of let’s say……$100,000. If bank says yes and a buyer comes by and buys at that price then Joe schmo doesn’t have to pay his mortgage anymore. But there are tax payments between the difference of how much he sells it for but not quite sure the details…
References :