The Basics Of Short Sale

Short sale is the phrase that came into common usage in the late 1990's as lenders began to authorize the sale of properties that they had loans on but not yet foreclosed on at a discount. The lender agrees to accept an amount that is less than the existing loan amount due on the house.

The bank takes a shortage on there loan proceeds owed to them, in-order not to take the property back through foreclosure, and not adding it to there list of real estate owned (REO). By doing this the bank saves on legal, maintenance and other holding costs. Get your copy of the basics of short sales, the check list and forms.

http://www.realvestors.com/thehousestore3.htm