Short Sale House Meaning
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A short sale is a lender managed sale in which you sell the property for less than what you owe on the mortgage, so you can’t make any money off a short sale. On the other hand, if you can sell the house for more than what you owe, it’s not a short sale and you keep the money you make after paying off the loan.
Short Sale (Real Estate) By Investopedia Staff. A short sale in real estate is when a financially distressed homeowner sells his or her property for less than the amount due on the mortgage. The buyer of the property is a third party (not the bank), and all proceeds from the sale go to the lender.
A short sale occurs when you sell your house for less than your existing mortgage balance. This has to be done in collaboration with your lender (or lenders if you have a second mortgage with a different company). The lender has to approve any sale. Why Do People Short Sell a House? In 2008, the housing market crashed.
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Short Sale financial definition of Short Sale – Short Sale. An agreement between a mortgage borrower in distress and the lender that allows the borrower to sell the house and remit the proceeds to the lender. ashort sale is an alternative to foreclosure or a deed in lieu of foreclosure. See Payment Problems/Position of the Lender/Permanent Problem. The Mortgage Encyclopedia.
ELI5: What is a short sale in real estate? : explainlikeimfive. – We just bought a short sale house. The idea is that someone is unable to pay off their mortgage but instead of the bank foreclosing and taking.
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5 Ways to Sell Your House Fast – Meaning. Related: How to Make Money Flipping Houses It’s not a good situation. And if the bank has threatened you with foreclosure, there are things you can do. The most prominent? Ask the bank to.
Short Sale FAQs: Understanding the Short Sale Process. – A short sale is a very complicated real estate transaction and one that has very important implications for you. More than any other type of residential real estate transaction, a short sale should be handled only by a real estate broker who has substantial experience with the short sale process , and a strong track-record of success in.