1 comment to In Real Estate Please Describe The Term ‘a Short Sale’?

• Fatty

  July 13th, 2010 at 11:58 am

  Speaking from a mortgage company’s point-of-view, a short sale means allowing the mortgagor to sell the property for less than what’s owned, when the value is less than what’s owed.
  I’ve never known of a case (in 15 years in the business, servicing loans owed by the company I worked for and servicing loans owed by numerous other mortgage companies) of a lender approving a short sale for less than the appraised value. That is just not a good business decision. The mortgage company wants to mitigate losses as much as possible, but they will not cause themselves to have a loss. If the property is worth enough to pay off the debt, then the lender will choose to foreclosure and sell it. They won’t approve a short sale and take a loss when they don’t have to take that loss.

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