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| Short Sale |
A short sale is when a seller sells their house for less than what is owed to the bank, therefore being "short" the necessary funds to close. Since the bank is not geting all the money they lent to the borrower, this kind of sale needs to be approved by the bank's asset manager, negotiator and investor which could take several months.
With the recent decline in the market, many people have found themselves in this situation. Instead of letting the bank foreclose on the house, sellers would rather sell the hose in a short sale to avoid damaging their credit. Short sales may have better tax consiquences than a short sale, but we recommend you speak with a tax proffessional to get both the consequences of either action.
Short Sale Listings
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