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

I just posted my website today explaining a short sale.

http://www.hubpages.com/hub/

How-a-Short-Sale-can-prevent-a-Foreclosure

You negotiate with the lender, but you must have a buyer for the home (Purchase Agreement signed) before you can do a short sale. Whatever price was negotiated is what you sell your home for. Example: Lets say you bought your house for 100K and it is only worth 70k today and you still owe 85K. Your house is "upside down" Which means you owe more than what it is worth. You have a buyer who comes along and wants to buy your home for 50K - a short sale company negotiates with the lender and will probably accept the 50k. Your mortgage is wiped clean (98% of the time) and you walk away even though your mortgage was for 85K. Your credit will be affected for about 6 months, but if you continue to pay your bills on time your credit will be automatically restored in short order. You can even purchase another home when your 6 months are up. You may even want to be on the other side of a short sale and purchase a home! I have been working in this industry for years and I decided I wanted to give information about this process because there are alot of different views and ideas regarding this process. Please read my website - I will be posting more hubs regarding this subject in the near future. If you have any other questions please feel free to contact me and I will help you out in any way I can.

First of all, in order to do a short sale, you will need the permission of the bank. Usually you will have to have a foreclosure notice and then you will enter into some negotiations with the bank. Usually... keep reading →

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... keep reading →

After a head on collision a little over 2 years ago, left me with Fibromyalgia and a bunch of other medical problems, I couldn't work anymore. We had several rental homes at the time. 2 of the houses we... keep reading →