Real Estate Definition- Short Sale
Short Sale (Real Estate) - A short sale in real estate is pretty simple by definition. A short sale is an opportunity for a financially distressed homeowner who has encountered a hardship. Usually for them a short sale is the only option so they don’t go into foreclosure. In a short sale, the overwhelmed homeowner sells his real estate for less than the value of his loan. In other words, the sale of the house falls short of what the owner still owes on his or her mortgage. Hence the name short sale. After negotiations with the bank, the lender then accepts the short sale as payment in full (or “paid as agreed”) for the real estate loan. The difference between the accepted short sale price amount and the loan balance is called a deficiency in real estate.
Want to learn more about short sales?
Try reading How To Use This Site To Learn More About Short Sales
to learn how Real Estate Wiz Kid can help you with that !
- Jeff Buettner
Real Estate Wiz Kid
What is the Arizona real estate market like today?
You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
July 19th, 2008 at 4:25 pm
[…] - A deficiency in real estate is rather simple and it deals directly with the short sale process. A deficiency is defined by webster as an amount that is lacking or inadequate. This […]
July 20th, 2008 at 2:47 am
[…] ask the very logical question ” How much does a short sale cost?” . Well usually a short sale doesn’t cost the borrower anything. Most realtors that you take on to negotiate your […]
July 24th, 2008 at 2:22 pm
[…] statutes prevent a lender from suing a person for any losses on a home after foreclosure or short sale. As outlined in Arizona Revised Statues, Title 33, Chapter 6.1 a person may not be sued by his or […]
July 28th, 2008 at 12:34 pm
[…] the real estate needy. Will this really help America out? Is this program going to be better than a short sale? Time will only tell. Keep reading. Have a great day. - Real Estate Wiz […]
July 29th, 2008 at 3:13 am
[…] search options including Short Sales and […]
July 29th, 2008 at 1:50 pm
[…] being a short sale negotiator can be so frustrating! I have been on hold with a bank about a short […]
August 2nd, 2008 at 12:02 pm
[…] Short Sales: Read the short sale defintion and all posts under the short sale category. […]
August 7th, 2008 at 10:10 pm
[…] come to you today with a warning. I warn you to be careful about choosing a short sale negotiator. A short sale negotiator is one of the biggest decisions when […]
August 10th, 2008 at 3:16 am
[…] a buyer and seller for the purchase of real estate. This can also be called a purchase contract. In short sales multiple purchase contracts can be submitted to the bank who ultimately makes the decision for the […]
August 10th, 2008 at 3:36 am
[…] here we are. Probably roughly two years in to the sky rocket of short sales and we see just another tactic from the bank to kick us all who are involved in short […]
August 13th, 2008 at 6:22 pm
[…] They used to only require a few hours and a couple days of calls. Now a days that is not the case. Short sales are just ridiculous most taking an average of a month to two months to close. And here are the main […]
August 13th, 2008 at 6:38 pm
[…] can be used to describe a realtor or firm who mitigates the loss of a homeowner by negotiating a short sale. The term can also describe the department in a bank set up to minimize the loss on the […]
October 17th, 2008 at 1:24 am
[…] into all their options. Have them look into all the ramifications of a foreclosure. Tell them about short sales. Do whatever you can and do something! Thanks for reading and have a spectacular day […]
October 20th, 2008 at 1:03 pm
[…] one? A bank, that will go nameless for now, has set up a triage group to I guess weed out the bad short sale contracts. The low ball offers we like to call […]