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Short Sale–The Basics

Selling a home in a Buyers market is a tough proposition…even more so when you are upside down on the mortgage–in other words your house is worth less than you owe on the mortgage.  One of the options available to homeowners in this position is a short sale.  In a short sale situation a homeowner will, due to falling market values, sell a house for less than they owe on the mortgage.  Of course this can’t be accomplished without approval from the lender.

If you are in a position where you need to consider a short sale, take a few moments to review this video to better understand the impact it will have on your credit score and future ability to purchase another home down the road.