Short Sale - Posted by BRnBA

Posted by BRnBA on May 12, 1999 at 13:59:25:

Thanks Phil, can’t get much clearer than that.

Short Sale - Posted by BRnBA

Posted by BRnBA on May 12, 1999 at 08:49:47:

What is it?

Re: Short Sale - Posted by phil fernandez

Posted by phil fernandez on May 12, 1999 at 09:42:53:

It’s when the mortgagee is willing to take their hit now instead of having to go through the foreclosure process. Example, bank has a mortgage of $78,000 on a house. Owner is behind four months of payments. Soemone comes along and offers the owner $70,000 for the house. Delinquient owner brings the $70,000 offer to the bank, even though it is less than what is owed.

Instead of going through the expense and trouble to foreclose, the bank accepts this offer and decides to cut it’s losses at this time.