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There’s only one reason to buy a short sale home – to get a great deal. "Short sale" simply means the sales price is less than the balance of mortgage(s) owed against it Short sales can.
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A short sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished. A short sale has two intrinsic and inseverable components.
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A short sale is a home that is available at a purchase price that is less than the amount owed by its current owner. The transaction benefits the bank by allowing it to avoid repossessing the home.
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ContentsEvercore isi analystShort sale flipsbloomberg businessweek postedsale flops. writtena short sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens
Or he could convince the bank to approve a "short sale" for less than what’s owed on the mortgage-in which case the bank, to cut its losses, generally forgives the difference between what’s owed and the sale price. Those are all legitimate choices. The transaction becomes a "flop," however, when Harry gets greedy.
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