Скачать или смотреть What is a Short Sale? Explained! (4k)

I explain the basics of a short sale and the benefits and possible downsides.

A short sale is when a homeowner owes more on their mortgage balance than the value of the house. A homeowner can request the bank to allow the them to sell the house short of the balance and still forgive the debt. Basically if a homeowner owes $100,000 on the mortgage but the home will only sell for $80,000 normally the homeowner would have to pay the difference. In a short sale the bank will forgive the difference so the homeowner will not owe anything else. In some instances this "debt forgiveness" can incur a large tax bill at the end of the year, we recommend consulting with an accountant before selling you home short. For the buyer a short sale can signal a good deal but the buyer will have to wait for the banks approval and this can take a long time.

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