A short sale is a real estate sale by a party in financial distress, who owes the bank more than the property is worth. The sale is for an amount lower than that owed to the bank, and the terms and conditions of the transaction muxt meet with the banks approval before the sale can take place. With that being said, if you your homeowner has been barely making the mortgage payments and are hanging on by a thread a short sale may be a option for them. Homeowners do not have to be behind in their payments. Most bank will accept the short sale even if homeowners are keeping up with payments. Some sellers owe more than what their home is worth. It just doesn't make sense to them anymore. I feel bad because each month they are so stressed with making the mortgage payments knowing they w...
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