What Is A Short Sale in Real Estate? And, How Do They Work? [2022]

What Is A Short Sale and how do they work? www.sdshortsaleexperts.com/sh...
What is a short sale in real estate? A short sale in real estate is when a homeowner needs to sell their home, but the seller is “short” the equity needed to fully pay off the mortgage and all of the fees involved with selling. (ie. real estate commissions, escrow, title, etc.) In a typical situation, the homeowner would need to bring in the difference in the money owed in order to sell the property.
A short sale is different. In a short sale, we negotiate with the lender to accept less than the full amount owed to satisfy the debt, allowing it to be paid off “short”.
In a short sale in real estate, all of the fees involved with selling a home are paid by the lien holder (bank) and there is not any out-of-pocket expense for you (the seller).
KEY TAKEAWAYS
- A short sale allows you to sell for a price (market value) that is less than the amount still owed on the mortgage.
- In most cases, the difference between the sale price and the mortgage amount is forgiven by the lender. (Learn more about deficiency rights HERE.)
- A short sale does much less damage to your credit report and credit score than a foreclosure, which means you will be able to buy again sooner than if you went through foreclosure (foreclosures vs. short sales)
- You have the dignity of selling your home vs the bank kicking you out.
- A short sale allows you to stay in your home until the sale is completed vs the bank kicking you out.
- A short sale is completed on your time frame vs the banks.
- In a short sale, you pay nothing. The bank pays all of the fees.
- A short sale is 100% “as-is”. You do not need to make any repairs to your home.

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