“Short Sale Example”

Short Sale means the sellers loan balance is higher than  today’s market value of the property.  Example, Sellers loan balance $200,000 (amount owed to lender).  Today’s market value $100,000.  The seller is short $100,000.  The sellers lender will decide if they willing to accept the sellers shortage.  The lender has a specific set of guidelines for approving a Short Sale.  The seller will have to meet those guidelines.  In addition, any decisions made will have to be approve by the sellers lender.   The key to purchasing a successful short sale is patience, persistence and a experienced agent.