With the Housing Market still creeping by, I wanted to share some info with you regarding "Short Sales". You may have heard people talking about having to use a "Short Sale" to sell their home or to buy one.

According to Wikipedia -  In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower's financial situation.

If you have a home you would like to buy or sell and you have questions about Short Sales, please don't hesitate to contact me.  I would love to answer any of your questions.