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Selling Short Sale

A "selling short" sale,otherwise known simply as a short sale, is a sale that is made in efforts to a satisfy the terms of a loan and avert foreclosure. When a homeowner is facing foreclosure, selling the house may fail to repay their entire mortgages. In these cases, some lenders are willing to opt for a short sale -- in doing so, they receive less than the entire loan, but they also relieve themselves of the hassle that is often associated with a foreclosure. If the lender does offer a short sale, the homeowner will become in charge of the sale, meaning it is now their responsibility to hire a real estate agent, find the right buyer, and make the sale. Halfway through the process, when selecting buyers, the homeowner will need to negotiate the sale up to the lender's standards. Sales far below the home's market value tend not to satisfy the lender's expectations, and therefore may not be successful.

Fast Facts

  • a recent Baltimore poll revealed that 58 percent of people express interest in buying short sale or foreclosure

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