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A Short Sale is a Real Estate Transaction where the current homeowner can no longer afford thier current mortgage and want to sell the property but the only problem is they are "upside down" on the home meaning they owe more than what the property is currently worth.
For Exaple: John Smith bought a property in 2008 for $500,000 but in todays market is only worth $325,000.
Typicaly, John would not be able to sell the property because he does not have enough equity to what he owes.
This is where the Short Sale kicks in and the Homeowner or Realtor would negotiate with their mortgage company get the back to essentially take the loss on the property as well pay for all costs incurred from the sale such as Realtor Commissions, Escrow Fees, Buyer's Closing Costs: etc.
In turn the bank would not have to deal with any evictions, tacking back properties in poor condition and for the homeowners they will no longer be liable for the debt and take a much less severe hit on their credit.
Bill Fierro/ Dre#00897279 Call 323-707-3331
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