RSS

What Is A Short Sale?

02 May

A short sale is a process used when the value of real estate falls to a point less than the balance outstanding on the mortgage loan. A short sale involves two steps. First, the mortgage lender agrees to discount the loan, to lower the amount due on the loan to a point where it is more in line with the value of the real estate. Second, the owner places the property for sale at a more competitive price with the objective of using the purchase proceeds to pay off the outstanding mortgage loan.

 

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

 
The WordPress.com Blog

The latest news on WordPress.com and the WordPress community.

%d bloggers like this: