Question 1

What is a short sale?

Accepted Answer

A short sale is a real estate transaction where the mortgage holder agrees to accept less money than is owed to them in order for the closing to take place. Short sales are becoming more common as home values have fallen and the homeowner's equity diminishes.

Question 2

What is the difference between a foreclosure and a short sale?

Accepted Answer

A foreclosure is a formal, legal action taken by a lender to repossess a property, whereas a short sale is a voluntary transaction where the homeowner and lender agree to sell the property for less than the outstanding mortgage balance.

Question 3

How can realtors and lawyers help with short sales and foreclosures?

Accepted Answer

Realtors and lawyers can help their clients navigate the complexities of short sales and foreclosures by providing information about the process, requirements, and potential pitfalls. This can help protect the client's interests and ensure a smoother transaction.

Johnston Matthew C

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Frequently Asked Questions about Johnston Matthew C

What is a short sale?

What is the difference between a foreclosure and a short sale?

How can realtors and lawyers help with short sales and foreclosures?

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