What is a Short Sale

When you purchase a house you agree to the terms of the mortgage.  Just like any other bill with a monthly payment, you are agreeing to pay the mortgage each month on (or by) a certain date.

You are still responsible for the house at this time.  You are also able to list the house for sale. 

When listing a house for sale, many homeowners think that they need to list the property for what they owe on the mortgage but that is not always the case.  In many cases, the home may have lost value due to one reason or another (reasons include but are not limited to: repairs that are needed, location, high purchase price, etc)

When the lienholders (the bank who holds the original loan and any additional loans) are willing to accept less than what you still owe, this is a Short Sale.




Whether looking to Buy, Sell or Invest

Holly DiMemmo, Realtor
Joe Maggio Realty
C: 302-930-8800
O: 302-226-3770
BuyandSellDelaware@gmail.com

Like On Facebook @buyandselldelaware

Comments

  1. StevenHWickerJuly 16, 2019 at 10:46 AM

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    ReplyDelete
  2. UnknownJanuary 12, 2020 at 9:57 PM

    Very Nice Informaton. Its is very important for me. i am recently purcahsed Commercial Showroom Space at chinchwad Pune . I am thinking to sell or rent my new property.
    and your article is good. keep it up.
    Thnaks

    ReplyDelete

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