What is a Short Sale and why you should have one done for you by a Licensed Real Estate Agent

Posted by Owen McGab Enaohwo on Sep 15, 2009 | View Comments

What is a Short Sale?

A Short Sale is a real estate transaction in which the revenues from the sale fall short of the balance owed on a loan secured by the property sold. Short sales have become the order of the day due to the financial hardships experienced by homeowners whose mortgages are upside down and can no longer make their mortgage payment for one reason or the other. Instead of letting the bank foreclose and ruin their credit, homeowners are now opting to do a short sale.