You’d be hiding under a rock if you haven’t heard a ton about short sales in the news and everywhere else you look. From the radio ads, bus stop benches, and warnings about scam artists taking advantage of people there is A LOT of misinformation out there. I figured I’d put this short article together to help people understand exactly what a short sale is and some of the very basic information about them. This basically “Short Sales 101″ information that some of you may already know, but others may need to know…
The term “short sale” in the Real Estate world basically means selling a home for less than the balance of the loan that a bank or lender is owed. There is nothing mystic about what a short sale is. Just owing more on a home than you are able to sell it for on the open market, and needing the bank’s approval for them to take a loss for the difference.
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