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What’s a Short Sale?

shortsalesIn today’s Miami real estate market it’s impossible to not come across many foreclosures and short sales.  Although the term “short sale” was probably a buzz word a couple of years ago, I still find that I am asked to explain what a short sale is.

A short sale is simply a home that is being sold for less money than is owed to the bank holding the mortgage note.  Because the price is less than is owed to the bank, the bank will have to approve the sales price.  The purchase price will be “short” a certain amount of money, hence the term “short sale.”

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These articles are not intended to give legal or tax advice, and you should consult your attorney or financial advisor for additional information.

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