What is a “Short Sale”?

Contrary to popular belief a “short sale” has nothing to do with the heighth of the home your buying. A short sale typically happens when a seller has fallen behind on their payments and instead of going through the foreclosure process the lender agrees to accept less than the loan balance in order to facilitate a sale. This is “kinda” a “win win” situation as the Seller’s credit is not hit quite as hard and the lender does not have to incur the risk of maintaining and selling the property.

Dale Black      dale@blackandassociatesllc.com