Ask The Real Estate Professional
A short sale in real estate is when a seller owes more money on the loan than the sale of the property will likely produce on the market and the seller is unable or unwilling to bring money to closing. In a short sale, the lender has not yet foreclosed on the property, which provides a window of opportunity for the owner to sell the property in order to at least partially get the lender what is owed.
Because short sales may require multiple approvals and can be extremely time intensive.
Short sales reflect the following:
The property is worth less than is owed.
The seller has some hardship that makes it impossible or impractical for the seller to keep the property.
The seller is cooperative and willing to work with a real estate broker to package the short sale.
The lender is contacted and expresses willingness to entertain a short sale.
The property is listed with appropriate protection for the seller, properly priced and effectively marketed.
The lender is presented with a contract, accepted, signed and dated by the seller, along with a completed short sale package and narrative explaining the necessity of the proposed short sale.
With lender approval in writing, the offer and sale closes as usual.
Information provided by Thomas J. McGroder, ABR,GRI, Thomas J. Real Estate, Inc. Licensed Real Estate Broker, Registered HUD Broker. www.thomasjrealestate.com
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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
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