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What is a short sale in Real Estate? I talk about them in today's video and also give you a short sale example as well as how they work.


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What is a short sale on a house?

A short sale is when the Seller of the piece of Real Estate owes more on the piece of property than its current value.


Short Sale Example

Let's say a Seller of a home needs to sell their home that is currently valued at $450,000 but they currently owe $500,000 on the home. This would be an an example of where a short sale would be necessary since the Seller actually has a balance higher than the current market value of the home.


How do short sales happen?

Short sales are most common when a Real Estate market depreciates or pulls back and values decline. Generally speaking, when real estate markets are appreciating short sales aren't very common.


What is the difference between a short sale or foreclosure?

A short sale is when a mortgage lender allows an owner to sell property for less than what's owed on the mortgage. ... By contrast, a mortgage lender conducting a foreclosure will repossess the mortgaged property in collection for unpaid debts. This results in more fees and liability to the owner than in a short sale.


Is it a good idea to buy a short sale house?

Buying a Short Sale can be a good idea. In some cases you are able to purchase a property below market value. The only catch is that short sales can take a long time to process because the bank has to give its approval to accept an offer for less than is currently owed on the mortgage.


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