what is a short sale? Is it different than a foreclosure?

Question:

Answers:

A short sale is arranged by the seller and the lender before the situation goes as far as a foreclosure. This type of sale offers some problems for the buyer, because you have to deal with the desires of both seller and lender, but a good Realtor can deal with these issues. A foreclosure is when the lender has taken possession of the property.

Answered by Frank Schulte-Ladbeck on April 17, 2008: Profile | Contact | Website

A short sale is a process that a lender and a homeowner engage in an effort to avoid foreclosure. It is typically used in occasions when the homeowner is "under water": The home is worth less than the loan balance. The lender agrees to take less money for the home than what they are owed (thus the term "short sale"). In order for a lender to consider a short sale, the loan must be in default (the borrower has missed one or more payments) and the home must have been on the market for sale at price equal to the loan balance for about 90 days.

Answered by Erion Shehaj on May 11, 2008: Profile | Contact | Website

Investment	Suburbs
Townhomes	Mortgage
Taxes

Answer this question...

Name / Nickname: Agent Profile ID# : (not required) (Not registered? Get Listed!)

Your Answer: Your post MUST NOT: Mention your personal website. Contain content that is NOT 100% unique to this site and authored by you.

Submit Code:

Disclaimer: All answers are provided without warranty by the HoustonTexasRealEstate.com community. HoustonTexasRealEstate.com does not evaluate or guarantee the accuracy of any questions, answers or other posted information on "Ask an Expert". Answers to financial, legal, and investment related question are for informational purposes only and should not replace professional advice.