What is a short sale?

Posted July 31st, 2009.

A short sale is when the home owners aren’t making their monthly payments so they list the home at a price that will pay off the loan as well as the realtor fees. After it is listed for a few months with no offers, the home owner realizes that in order to sell the home they will need to lower the price.

How ever, if they lower the price there won’t be enough money to pay off the bank in full. So the home owner must start to negociate with the bank to see if the bank will agree to take less than what is owed and call it good.

For a foreclosures list in Utah, please visit me!