Comments on: what does short sale in real estate mean? http://www.deedznyc.com/mls-homes-for-sale/what-does-short-sale-in-real-estate-mean Sun, 05 Feb 2012 11:33:59 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: CiCi Elder http://www.deedznyc.com/mls-homes-for-sale/what-does-short-sale-in-real-estate-mean/comment-page-1#comment-1408 CiCi Elder Sun, 14 Feb 2010 10:21:59 +0000 http://www.deedznyc.com/mls-homes-for-sale/what-does-short-sale-in-real-estate-mean#comment-1408 A short sale means that the mortgage bank has agreed to allow the seller to accept less than the full loan payoff amount rather than going through a foreclosure proceeding. This generally happens in markets where real estate prices are declining. If there are really that many, it is possible that they are exaggerating the situation, but more likely you are in a market which has experienced a bubble.<br><b>References : </b><br>A Realtor A short sale means that the mortgage bank has agreed to allow the seller to accept less than the full loan payoff amount rather than going through a foreclosure proceeding. This generally happens in markets where real estate prices are declining.
If there are really that many, it is possible that they are exaggerating the situation, but more likely you are in a market which has experienced a bubble.
References :
A Realtor

]]> By: Real Estate Dawn http://www.deedznyc.com/mls-homes-for-sale/what-does-short-sale-in-real-estate-mean/comment-page-1#comment-1407 Real Estate Dawn Sun, 14 Feb 2010 09:50:59 +0000 http://www.deedznyc.com/mls-homes-for-sale/what-does-short-sale-in-real-estate-mean#comment-1407 A "Short Sale" is when the property for sale is listed at a price that is less than what the current owners owe for the property. So if the house was purchased for $100,000, and now the original buyer is late on their mortgage, with the recession in housing, the house may now only be worth $90,000 - and that is what the seller is now listing it for. Once the seller receives an offer, they will submit to the bank that the house is only worth as much as the offer. The bank then has the option to accept the offer and let the original seller "off the hook" or not. Often times banks will accept the lesser amount because the alternative is that the house goes into foreclosure, the bank then will have to sell the property, pay the attorneys and the real estate people and taxes. They might be able to walk away with more through the short sale than any other way. Some banks won't accept the short sale, because they know the property is still worth at least $100,000. Regardless, if a person makes an offer on a short sale home, it means that even if the seller accepts the offer, it still has to be approved by the bank. hope that helps.<br><b>References : </b><br>CO Real Estate Broker, GRI, ABR A "Short Sale" is when the property for sale is listed at a price that is less than what the current owners owe for the property. So if the house was purchased for $100,000, and now the original buyer is late on their mortgage, with the recession in housing, the house may now only be worth $90,000 – and that is what the seller is now listing it for. Once the seller receives an offer, they will submit to the bank that the house is only worth as much as the offer. The bank then has the option to accept the offer and let the original seller "off the hook" or not. Often times banks will accept the lesser amount because the alternative is that the house goes into foreclosure, the bank then will have to sell the property, pay the attorneys and the real estate people and taxes. They might be able to walk away with more through the short sale than any other way. Some banks won’t accept the short sale, because they know the property is still worth at least $100,000. Regardless, if a person makes an offer on a short sale home, it means that even if the seller accepts the offer, it still has to be approved by the bank.

hope that helps.
References :
CO Real Estate Broker, GRI, ABR

]]> By: bimbo http://www.deedznyc.com/mls-homes-for-sale/what-does-short-sale-in-real-estate-mean/comment-page-1#comment-1406 bimbo Sun, 14 Feb 2010 09:09:59 +0000 http://www.deedznyc.com/mls-homes-for-sale/what-does-short-sale-in-real-estate-mean#comment-1406 lender agrees to accept offer less than what you owe. they usally write off rest. better then being stuck with another foreclosure.<br><b>References : </b><br>what i did when i had to sell my house lender agrees to accept offer less than what you owe. they usally write off rest. better then being stuck with another foreclosure.
References :
what i did when i had to sell my house

]]> By: phattygirl http://www.deedznyc.com/mls-homes-for-sale/what-does-short-sale-in-real-estate-mean/comment-page-1#comment-1405 phattygirl Sun, 14 Feb 2010 08:37:59 +0000 http://www.deedznyc.com/mls-homes-for-sale/what-does-short-sale-in-real-estate-mean#comment-1405 quick sale<br><b>References : </b><br> quick sale
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