Short Sale: A term that describes the sale of a property for an amount less than the unpaid mortgage. This happens when a borrower cannot afford to keep making mortgage payments and cannot pay the difference between the sale price and the unpaid mortgage. The borrower gets the bank to agree to.
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The short sale completion time often is due to the particular lender involved and the complexity of the short sale. Things like the number of lien holders, liens against the property and private mortgage insurance can all be factors in whether a short sale will take extra time.
Of course, reading about all of these rules might easily persuade a homebuyer or owner to stay away from the short sale. But keep in mind that the real estate specialists and bankers are the ones who contend with the paperwork and phone calls, and that’s why a Realtor is there — to help walk you through the process.
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In most short sale counteroffers from the lender, the bank calls for a higher sale price. It is important for the seller and buyer to respond to the lender within their time frame, or the bank could close the file. Once the seller is satisfied with the terms of the short sale approval letter, the short sale advances to the Closing Phase.
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In a short sale, the lender accepts less than what is owed on the mortgage. Sellers initiate short sales because the value of the home is less than the loan balance and they can no longer afford.
Short sales. The wash sale rules apply to a loss realized on a short sale if you sell, or enter into another short sale of, substantially identical stock or securities within a period beginning 30 days before the date the short sale is complete and ending 30 days after that date.
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