What Is A Short Sale?

Real Estate Short Sale Definition:

A real estate short sale occurs when the proceeds of the sale fall short of the balance of what is owed on the home.   Many things can contribute to this but most often declining market values or the fact that the home is over-mortgaged.

A Real Estate Agent like the Twin Cities Short Sale Realtor will work with the lender to get them to agree to the short sale.  Often times the lender will realize that accepting this offer, even though they are losing money, is financially more sound than trying to force the owner to pay or foreclosing on the property.

Unfortunately, a short sale is not short in time.  The time frame required to complete a short sale can be as little as a couple weeks or as much as several months.  Buyers will need to be patient during this process but can reap the rewards on a good deal.

To learn more about short sales and what this means for you, please contact us.