What is a Short Sale

After 3+ years of short sales, one of the most common questions is what is a short sale. Afterall, if you haven’t been looking for a home or faced with selling your home, you might not be aware of what a short sale is.

So What is a Short Sale?

A Short Sale is basically where an owner of a property sells their property for what is less than is owed to the bank. The seller’s lender(s) essentially lower their payoff (the amount owed) to allow the short sale to happen.

Some keys that most people miss:

A short sale seller still OWNS the property (until someone takes it from them via foreclosure)
A short sale seller is netting the HIGHEST possible amount in the market thus SAVING property values vs FORECLOSURE
A short sale seller is taking action, not giving up
In every instance, a short sale is better than a foreclosure or bankruptcy

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Loss Mitigation

The loss mitigation department is the department of the bank that negotiates the short sale among other things Each bank is different but for the most part, the loss mitigation department is separate from the foreclosure department or even the collections department. These departments aren’t just separate from each other, they are often in different states, or in some cases different countries!

Short Sale Definition