Comments on: What’s A Real Estate “short Sale” Through A Bank?

By: ranger69

ranger69 — Tue, 10 Nov 2009 14:23:28 +0000

It’s an agreement between you and your mortgage lender to allow the house to be sold for less than what you owe on it.
It helps to mitigate the lender’s loss on the property. But you still take a major ding on your credit.

By: Eddie Cacciatore, Private Eye

Eddie Cacciatore, Private Eye — Tue, 10 Nov 2009 13:35:17 +0000

its any sale that takes a loss on the paper value of the item/property being sold. usually a term for stock sales. ex: a stock is expected to tank, so people who believe this sell it quickly to minimize their loss on the value of it.

By: something stinks

something stinks — Tue, 10 Nov 2009 13:29:55 +0000

A short sale is when a home is sold for less than the amount owed on the existing mortgage. Many Banks will accept a short sale rather than insisting on full pruchase. price. Most times the sale price is significantly less that waht is owed.

By: cassandr

cassandr — Tue, 10 Nov 2009 13:27:58 +0000

The owner is giving everything to the bank and walking away from their debt. The new buyer would be bound by normal loan underwriting guidelines. They would need to borrow only up to 80% of the loan to value or the rate will increase. Short sales use to require the prior owner to pay taxes on the gain from the unpaid loan but not anymore.