Please explain a short sale, and if you do a short sale is that the price you have to sell the home at?

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By ace productions


answering short sale

you must be in foreclouser; a short sale is when you come to an agreement with the bank to sell you house at a very huge loss. Yes the bank comes to an agreement of what you will sell it for. You have to qualify for a shortsale

your selling for what you owe or less and not what it is worth.

Now with the market of today. you might owe more than its worth and a short sale cuts you your losts and gives you a second chance,

try selling your house and in 30 days by a cheap one. i sold mine and didn't use the shortsale because it didn't benefit me at all.

can you do a work out agreement and put what you owe on the end of the loan and start over. unless you can't afford the payments then try and renegotiate the structure of your loan.

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blogging2 profile image

blogging2  says:
16 months ago

Short version... We bought at the wrong time (guess you figured that huh lol), seriously though owe $165, did $25 worth of work (this is not on the loan and we paid cash as we went). Have to sell for $180 to have enough for a new downpayment since everything is in this one, but market will only put it at $170 if we are lucky...

Lynn Byrne profile image

Lynn Byrne  says:
13 months ago

You must be in pre-foreclosure for a short sale. If you are in foreclosure, it's too late because the lender has taken your property. Pre-foreclosure is when you have missed payments and the lender has filed lis pedens which means they have filed suit as part of the foreclosure process.

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