The Short on Short Sales:

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There is a popular phrase in the media and in Real Estate circles that is getting a lot of attention these days, “Short Sales”. The term in the Real Estate world basically means selling a home for less than what is owed to the bank or lender.

For example: If Joe owns a home that he bought for $300,000 last June and now with market conditions is only worth $280,000, and needs to sell, he will have to get the lender’s approval to sell for that amount minus any Realtor commissions, closing costs etc. The sale will be “subject to” lender approval, which means the lender has the final say on the deal and even the Realtor commissions!  Read more...