A short-sale means that the Seller is trying to get their mortgage company (bank) to agree to accept less money then is owed on the mortgage and release the property owner from further obligation or let them sell the property and either workout a payment plan for the balance due to the mortgage company or have the seller liquidate other assets and bring cash to the closing table to pay the balance that has been worked out. Short sales could mean waiting months for a response from the Bank / Mortgage Lender. In 2010 the process for the seller and buyer of a short sale property has changed so everyone needs to find a qualified source of information.
Many of those who face the loss of their mortgaged real estate are looking for a way to get out from under the payments, taxes, and other expenses. If you know someone in trouble tell them to contact me, Sandy Keller, after they have had a conversation with a tax accountant or tax attorney about a short sale or deed-in-lieu of foreclosure (the lender is willing to accept the signing over of the deed to them). A short sale lowers a credit score by about 50 points and stays on a credit history for about two years while a foreclosure lowers a credit score by about 200 points and stays on a credit history for about seven years.
