What is a Short Sale?
Simply put, a short sale is the sale of a property that is for less than what is actually owed on the property. For example, let’s say that you have taken out a loan for $400,000 and you have been making mortgage payments but now you need to sell. However, the house is now only worth $200,000. That is a short sale.
This usually leads into another question. Who qualifies for a short sale? Contrary to popular belief, it is not hard to qualify for a short sale. In fact, it comes down to two things. First, you have to have zero equity in your home. And secondly, you need to have a real hardship.
About Saul Carter
Graduate 1995 BA in Business Administration, Marketing from California State University. Started in Real Estate 2002, sold residential for 9 months before moving into Commercial Real Estate, Specialized in Retail and Office space in the Central Valley of California. When the market turned in 2007 was caught off guard as commercial real estate dried up. Starting in late 2008 started pursuing short sales as a business strategy. Has Closed 50 short sales since January 2009. A combined total of liens negotiated: 82. Negotiated forgiveness of Debt: over $11 million. Has been an independent real estate broker since 2006. Started Others Realty in mid 2009.