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SPECIALIZING IN REAL ESTATE VIDEO LISTING & MARKETING / SHORT SALES / FORECLOSURES / LUXURY RENTALS
PhotoVideoTours.com
Listing & Marketing Real Estate Agent
SAMIR BACHOUR
602-614-4622 PHOENIX, AZ
PhotoVideoTours@Live.com
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what is a short sale? |
In a short sale, the seller arranges with their mortgage
lender to accept a price that's less than the amount
they owe on the property. As part of this arrangement,
the lender typically agrees to forgive the rest of the
loan. As a result, the seller doesn't have to go though
a foreclosure, the buyer picks up a property at a
discount, and the lender avoids taking on the burden of
unloading the property.
A short sale may impact the seller's credit (see
short sale vs. foreclosure).
Also, lenders may only agree to a short sale if the
seller is several payments behind and has received a
default notice.
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