What is a ‘Short Sale’?

When a property listing states that it is a short sale and/or is subject to bank or 3^rd party approval, it generally means that the home is being marketed at a price that, after expenses, will not cover what is owed to the lender/s on the property.  That lender or lenders will have to agree to accept less than what is owed them in order for anyone to buy the home at the listed price.  Short sale properties have advantages and disadvantages for both buyers and sellers.

Selling a home as a short sale is one way that ‘upside down’ homeowners who need to sell their home soon may be able to get out from under their mortgage without going through foreclosure and/or filing for bankruptcy protection.  One downside for sellers, is that their credit will likely be impacted and that they may be taxed on and/or have to pay the amount that the bank does not collect.

Short sales can also benefit buyers who want to buy a home for under market value and/or for investors who want to buy a property with built-in equity.  A trade-off is that short sales may take longer than a standard home sale and there is no assurance that a buyer can purchase for the listed price.

 

Would you like a list of current short sales sent to your inbox each week?  Just send an email to ScottCarroll@SellingClarkCounty.com and ask to be added to the short sale list.  Be sure to include:

• Your Name
• Your Address
• Your Phone Number
• Description of the Type of Home you want to Find (Bedrooms, Bathrooms, Location, Price Range, etc.)
• How Soon You Want to Buy 

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