What is a Short-Sale?

What is a Short-Sale?

Today you hear a lot about short sale properties. So just exactly what is a short sale property? A short sale property is when the owner owes more on the mortgage, than the property is worth. These properties are not generally as affected by poor appearance and condition as distressed and foreclosure properties, but are affected by the owner’s financial situation. Short sale properties liked distressed properties may have to be sold in order to pay arrears on a mortgage or the owner may be relocating to another area due to a job change and needs to sell quickly. Because of market conditions, the owner is unable to get any equity out of the property and the alternative to foreclosure is to negotiate with the bank to get them to accept the short sale.
Benefits of a Short Sale
The benefits of a short sale to the owner is that it has a much lesser negative effect on the owner’s credit than a foreclosure. A benefit to all parties especially the lender is that there is no formal foreclosure procedure which saves time and money for everyone. The buyer/investor benefits by purchasing the property at a discount, which is usually at or below market value.
  • Avoids the lengthy legal process involved in foreclosure
  • Avoids future employers from seeing foreclosure on credit
  • Avoids eviction on record that occurs with foreclosure
  • Generally less damaging to your credit rating than foreclosure
  • Seller potentially eligible for seller incentives for moving expenses



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