Real Estate Taxi Feed Real Estate Taxi Twitter

All Posts

What is a “short sale” in real estate jargon?

“Where can I get info about a property in DC for a short sale regarding liens, judgments,

What is a Short Sale?

What is a Short Sale?

negative info which a title search would accomplish? And what is a short sale

-Short Sale Loser”

Short Sale Loser,

There are a few questions to answer here, and let me answer it quickly; a title search should inform you if there are any liens, judgments, and negative info on the property.

A short sale is when the owner of the property owes more on his mortgage than he can sell the property for. The bank will work with him to sell the property and the bank will take less than the value of the mortgage and the seller walks out without tarnishing his credit rating.

However the owner will usually not get a penny out of the sale. Needless to say the owners aren’t very motivated for a short sale to go threw so they aren’t usually very cooperative. The longer they put the sale off the longer they get to live in the house often without making payments. Also since both the non-cooperative owner and the bank have an adversarial relationship will have to agree on the terms, it can take weeks and weeks for an offer to be accepted.

The homes aren’t even a good deal yet. If you’re thinking of buying a short sale you might be better off letting it go into foreclosure then picking it up at a better price without all the headaches of the other two parties that hate each other. That is just my opinion and not something that I am recommending you do.

Hoped this helped, if you need any more answers feel free to Contact Us again

-Walter Grande

If you found this post useful or to your liking, please reward it by stumbling, digging or casting a vote on any other social media service you might like to use. Also don’t forget to subscribe to our blog, so you don’t miss out on any of our posts.

Share and Enjoy:
  • Digg
  • Sphinn
  • Facebook
  • Mixx
  • Google Bookmarks
  • Technorati
  • MySpace
  • Yahoo! Buzz
  • LinkedIn
  • Live
  • Reddit
  • StumbleUpon

Related Posts

Leave a Reply




You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>