According to Wikipedia the definition of a short sale is:
A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens’ full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency. Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed to between the parties.
A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower; however both will often result in a negative credit report against the property owner.
What a short sale is not is a transaction short in transaction time, which some mistakenly assume “short” means.
Welles Bowen has several Short Sale Experts who can assist you in finding a short sale property. Certified Distressed Property Experts can also quickly assess a homeowners situation to see what might be the best possible course of action when homeowners have run into trouble with their home.
The best thing that a short sale buyer can do is to work with an agent who has experience with dealing with the short sale process. Call a Welles Bowen office today and ask for a short sale expert. Looking for a Short Sale Property, look in the menu above and click short sale for a list of current available properties.