What is a Short Sale Home? In Layman's Terms Please!

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What does it mean when a home for sale is a "short sale?"

Over the past few years and as the popularity of "short sale homes", the term "short sale" has been used in conversations with enough home buyers and sellers to detect just how unfamiliar the general public is the definition of a "short sale". During the normally stressful home buying / selling process I am looking for a clear and patient communicator with my clients.

Which leads me to the explanation of why I am in the midst of an accident? conditions such as "short sales", "foreclosures" and other atypical circumstances are currently in the market.

* Q: What does it mean when a home for sale is a "short sale?

A: A home listed on the loan is considered to be a homeowner's home attached to the home. For example, you can buy a lovely three bedroom two bath pool for a price of $ 300,000, which is 10% off the purchase price as your 90% ($ 270,000) remainder to complete the purchase. Now fast forward and you arrive here in the year 2009.

Florida to California for work related reasons Just this week you learn that you must sell your home immediately. Realtor / Sales associate in a home office. As you are sitting at your dining room table with your spouse and your realtor, your real estate agent is looking for you be lucky to sell your beautiful three bedroom, two bath, pool home for $ 150,000 in today's market. Your immediate reaction is, "What? How is this possible?" (or maybe something more colorful), you realize that you are still in the bankruptcy of $ 200,000 Least $ 50,000 to fork over to your bank at closing! What are you going to do you wonder ?!

Your options seagull as you have no choice but to relocate where you were assigned by your employer, you wonder what options do you actually have? Luckily, a few options do exist for a seller in this position. The solutions to this problem are the following ones. The remainder of the time has come to pass certain circumstances the bankruptcy of the bankruptcy of the bankruptcy of the bankruptcy of a bankruptcy estate. The buyer on the other hand holds the money he pays for himself.

* Q: Who can sell your home as a short sale? Who pays the closing price to your real estate broker and other expenses?

A: A licensed Real Estate broker can choose the following terms and conditions: usually one or more bank (s). Your Real Estate associate / broker can also take care of the necessary third party (s) in order to have their situation reviewed short sale. The payment of services provided by your real estate broker, your real estate lawyer and your CPA can be made by the third party (s) holding the loan (s) owed on your home.

* Q: Can investors / owners of a second home sell their property as a short sale?

A: Without getting too in the answer, Yes under certain circumstances.

Real Estate Attorney and CPA for any legal and / or business relationship. or tax advice.

If you are wondering whether or not you are interested in Florida Real Estate or if you have any questions or comments please email me at Jamie@jamiesellsstpete.com , As a Realtor / Sales Associate with RE / MAX Metro in St. Petersburg Florida I am here to answer Florida specific real estate questions.

In FL and FL Real Estate and should not be construed to imply legal, tax or situational advice. For legal or tax questions please consult your attorney or CPA respectively.

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Source by Jamie M Schaefer

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