What is a Short Sale? A "short sale" is a term commonly used when a property is sold for an amount that is insufficient to pay the existing mortgage, liens and costs associated with selling the property. The seller is often said to be "upside down" in the property. A short sale occurs when a negotiation is entered into with the homeowner's mortgage company, or companies, to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage. There are certain circumstances that a bank will consider a short sale. You must show either: ~Financial Hardship – Insolvency ~Marital - Your marital staus has changed ~Medical - You have recently become ill and are unable to continue to work. In today's challenging economy, 1 out of 6 homes are 'upside down'. It is important that your know, you are not alone! You do have options, other than foreclosure. If you are interested in discussing your options for selling your property short, or just want to obtain a list of currently available short sales, please contact me by clicking on "Contact Me", provide your criteria, and I will send you available short sale listings. You may also serch yourself by simply clicking on "Dream Home Finder".