What Is A Short Sale

What Is A Short Sale

A short sale in real estate is a voluntary process that happens when the bank or lender allows the homeowner to sell the property for less than what is owed on the mortgage loan. The homeowner closes on the real estate property and the property is “sold short”. Short sale can be approved as soon as the property receives the first Notice of Default, or once it has a scheduled sale date at court (auction date). 

A short sale may allow you to avoid foreclosure and walk away with less damage to your credit score and IRS filing.  While a short sale will not show up on the homeowner’s credit report, the mortgage status will. For those in default, it’s a pre-foreclosure that has been redeemed, which is often reported as “Paid in Full for Less Than Agreed. 

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Dated: June 6th 2017
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