Download Adobe PDF ReaderShort Sale
A short sale is a sale of real estate, for an amount less than the actual mortgage amount. Lender’s usually have to qualify homeowner’s to see if they qualify for a short sale. Qualification is usually based on a showing of financial hardship.
BEWARE of…
Scams, realtors are informing their potential client’s that they can remain in the home if they
sell their home in the short sale to an insider (relative). This is FALSE- a homeowner is NOT
allowed to sell their home through a short-sale to a insider.
Entering into an agreement for a short sale but remaining liable for the deficiency. If no special agreement is made with the lender, the homeowner will remain liable for the deficiency on the mortgage, which is the difference between the amount the home sold for and the amount owed on the mortgage.