Short Sales

Question: What is a Short Sale?
Answer: A Short Sale property listing is one in which the Seller is trying to sell the property for lower than the current outstanding mortgage loan amount. The Seller in this case does not have any funds which they can bring to closing that will bridge the gap between the purchase price and their loan amount. In this case the Seller is requesting that their lender settle with a reduced loan payoff. This is why all Short Sale listings you find on this website and alternate listings sites have the description as “subject to seller’s lender approval” or similar text.

Short Sale transactions generally take longer than a conventional purchase – sometimes three to six months at a minimum. Also there is no guarantee that the Seller’s lender will approve the purchase until the buyer is provided with a written commitment from the lender.