Short Sales
Before 2005, The Term Short Sales in real estate market few people hardly knows about. But today's real estate market, short sale is a common part.There are lot of misconception on short sale. Average home seller or home buyer are less experienced in short sale property. You may wonder What is short sale?
In real estate market, short sale is a sale of a property in which property sale price is lower than owed amount. In short sale, home owner and mortgage company or bank mutually agreed to sale a home or property in low price than remaining balance of mortgage and accept a moderate loss to avoid forclosure sale.
It is also known as pre-forclosure sale. It is an alternative to forclosure sale because it reduces the additional cost associated to forclosure for mortagage company and homeowner can avoid appearing forclosure in their credit report. It is important to choose real estate agent carefully. Because short sale process is too complicated to work with a real estate agent who is less experienced in short sale
