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What Is A Short Sale?

What Is A Short Sale?

 

What is a hort saleI regularly get this question asked buyers as well as sellers, many of them have no clue and many of them have heard the term short sale but have no idea what it is. So, I decided to answer this question base on my understanding.

 

Short sales come in different types and shapes as residential family homes, condos, multi-family units and vacant land, basically any property that sells for less money than the balance owing on  its mortgage.

 

An example would be if someone bought a home at the pick of the market for $250,000 and now the home is worth only $150,000, if the homes sells at current market value that would be a short sale because the amount of the sale will not cover the amount owed on the mortgage.

 

View a good short sale article that I wrote about four years ago.

View short sale listings here. 

 

 

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Venancio Gonzalez - GRI, e-PRO Broker with Windermere Kelso/Longview, serving Longview, Kelso and surrounding Cowlitz County real estate markets. gonzalezq@windermere.com or (360) 751 4001.

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Necesita Ayuda en Español? Informacion en su idioma sobre Casas de venta en Longview WA y Vancouver WA!

Comment balloon 2 commentsVenancio Gonzalez • March 25 2013 11:33PM

Comments

That is the question of the times... you gave a great answer to it.  Short sales are here to stay for a while.

Posted by Rosemary Brooks, The Mother & Daughter Realty Team (BMC Real Estate - 209-910-3706) about 5 years ago

Rosemary - short sales will definitely be here for while, right now there is a lot of them in our market. Thanks for stopping by.

Posted by Venancio Gonzalez, Longview WA Real Estate Broker - 360-751-4001 (Windermere Kelso/Longview) about 5 years ago

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