Definition of Short Sale:

Orange County Short Sales:

Any sale of real estate that generates proceeds that are less than the amount owed on the property is considered a “Short Sale” the bank or lender got “Shorted” on the monies that they were really owed. A real estate short sale occurs when the lender and borrower decide that selling the property and absorbing a loss is preferable to having the borrower outright default on the mortgage. It is therefore considered an alternative to foreclosure – but still damaging to a borrower’s credit

Real estate short sales can be done only by mutual consent of borrower and lender – with the emphasis being on the lender, they are the ones with the most to lose. However, both parties can benefit from this type of transaction. Borrowers can avoid having a foreclosure appear on their credit report, while lenders can avoid major fees associated with a foreclosure.

 

Home | A| B| C| D| E| F| G| H| I| J| K| L| M| N| O| P| Q| R| S| T| U| V| W| X| Y| Z