What does “Short Sale” really mean?
In Real Estate terms it means that the Borrower owes the Lender more money for a property than they are able to get by selling it to the open market. Hence the term, “short sale”.
Let’s break it down. Say you owe $300,000.00 for your property, but the market says the property is only worth $250,000.00. This means you would be “short” the $50,000.00 that you owe.
If you need to sell your property, there are two options available to you:
Option 1 – Pay the Lender. If you happen to have the amount you are short and are willing to do so, you can just pay the bank what you owe.
Option 2 – Sell Short. This option requires you to ask the Lender if they would be willing to allow you to sell your property as a short sale and forgive you the amount you owe, plus closing cost.
We have helped our clients both Sell and Buy Short Sales. If you need help buying or selling, contact us today and we can get started!
The JS Realty Team – not only serving Brambleton, serving all of Northern Virginia.
