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September 30, 2007

Short Sale Real Estate

Short sale real estate is property that has been sold for a lesser amount than the balance due on a mortgage loan. This type of real estate transaction occurs when a homeowner is no longer able to fulfill their mortgage obligation and defaults on their loan. In order to prevent foreclosure, the lender can elect to allow the homeowner to sale the home for less than is owed on the mortgage.

Typically, lenders only engage in short sales on real estate when the current market value is less than the loan on the property. Short sells are only available to homeowners who have no equity in their home and owe more than the real estate is worth.

Real Estate Investing article on "Short Sale Real Estate"

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