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In real estate, what is a short sale?
I heard a realtor talking about condo properties for sale in a FL high rise and she said that some in the building were short sales so that they may not go through. What did she possibly mean by that?
3 Answers
- realtor.sailorLv 71 decade agoFavorite Answer
A short sale is when the property is sold for less than the mortgage balance, with the mortgagee's (lender) approval.
realtor.sailor
Source(s): I'm a Realtor - 1 decade ago
example for short sale: The bank take back the condo or the house that the borrower no longer can affort. The property might still have a balance of $100,000 on the mortgage that still owe the bank. The bank sometime will ask a realtor to list the property for them and list the price below the balance still owe like $98,000 or below just to sale the property. If you offer too low(example $60,000), the bank might not willing to take a big lost like that. Sometime short sale might take up to 6 months for the bank to approve the offer or not. Hope this help.
Source(s): Worked with title company for 6 years and a Loan Officer in Texas. - 1 decade ago
Good Day.... you can go to this site also for some more questions... maybe they can help you..
