what does this mean? - Home Sweet Home

CoffeeGirl · 07-07-2008, 05:35 PM

short sale? What does it mean??

~~Bex~~ · 07-07-2008, 05:35 PM

bank is accepting less than what is owed on it

~~Bex~~ · 07-07-2008, 05:36 PM

Basically, people bought their houses at one value... can no longer make the payments OR refinance to to current market conditions and circumstances...and so the bank can accept less than what is owed to recoup some of the loss.

CoffeeGirl · 07-07-2008, 05:36 PM

Originally Posted by Bex

bank is accepting less than what is owed on it

Thanks-I was watching HGTV & heard it & have heard that term alot so I always wondered

CoffeeGirl · 07-07-2008, 05:37 PM

Originally Posted by Bex

Basically, people bought their houses at one value... can no longer make the payments OR refinance to to current market conditions and circumstances...and so the bank can accept less than what is owed to recoup some of the loss.

Is it "bad" or considered bad if you get a house like that??

~~Bex~~ · 07-07-2008, 05:38 PM

Nope. Bad for the sellers, not the buyers. The process can take a bit longer, but the deals are great. Our house was a short sale

CoffeeGirl · 07-07-2008, 05:40 PM

Originally Posted by Bex

Nope. Bad for the sellers, not the buyers. The process can take a bit longer, but the deals are great. Our house was a short sale

thats good info thanks so much Bex-you always help me & I greatly appreciate it! Your going to be the 1st person I mail pix to of our house when we buy

~~Bex~~ · 07-07-2008, 05:41 PM

No problem. You're very welcome!!

Short sales are actually a great way to get a steal of a home. To be honest, virtually EVERY home on the market right now is a short sale due to low values because no one in their right mind would sell willingly right now (unless they HAVe to due to PCS or relocation or something)... well, at least IMO.

harrisonsdream · 07-07-2008, 05:41 PM

i love hgtv

~~Bex~~ · 07-07-2008, 05:42 PM

Yea, I'm an HGTV addict.

07-07-2008, 05:35 PM	#1 (permalink)
CoffeeGirl Java Queen Extraordinaire Join Date: Jan 2005 Location: Arizona Posts: 56,461 Classifieds: (0) Activity: 20% Longevity: 82%	what does this mean? short sale? What does it mean?? __________________ When my time comes, forget the wrong that I've done, help me leave behind some reasons to be missed. Don't resent me when your feeling empty,Keep me in your memory, leave out all the rest leave out all the rest

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07-07-2008, 05:35 PM	#2 (permalink)
~~Bex~~ Banned Join Date: Jan 2004 Location: san diego, ca Posts: 30,189 Classifieds: (0) Activity: 0% Longevity: 99%	bank is accepting less than what is owed on it

07-07-2008, 05:36 PM	#3 (permalink)
~~Bex~~ Banned Join Date: Jan 2004 Location: san diego, ca Posts: 30,189 Classifieds: (0) Activity: 0% Longevity: 99%	Basically, people bought their houses at one value... can no longer make the payments OR refinance to to current market conditions and circumstances...and so the bank can accept less than what is owed to recoup some of the loss.

07-07-2008, 05:38 PM	#6 (permalink)
~~Bex~~ Banned Join Date: Jan 2004 Location: san diego, ca Posts: 30,189 Classifieds: (0) Activity: 0% Longevity: 99%	Nope. Bad for the sellers, not the buyers. The process can take a bit longer, but the deals are great. Our house was a short sale

07-07-2008, 05:41 PM	#8 (permalink)
~~Bex~~ Banned Join Date: Jan 2004 Location: san diego, ca Posts: 30,189 Classifieds: (0) Activity: 0% Longevity: 99%	No problem. You're very welcome!! Short sales are actually a great way to get a steal of a home. To be honest, virtually EVERY home on the market right now is a short sale due to low values because no one in their right mind would sell willingly right now (unless they HAVe to due to PCS or relocation or something)... well, at least IMO.

07-07-2008, 05:41 PM	#9 (permalink)
harrisonsdream Senior Member Join Date: Nov 2005 Posts: 52,170 Blog Entries: 1 Classifieds: (0) Activity: 0% Longevity: 67%	i love hgtv

07-07-2008, 05:42 PM	#10 (permalink)
~~Bex~~ Banned Join Date: Jan 2004 Location: san diego, ca Posts: 30,189 Classifieds: (0) Activity: 0% Longevity: 99%	Yea, I'm an HGTV addict.