What does it mean if a listing states it is a short sale?

Short Sale

A short sale is a situation where a homeowner is attempting to sell a home that is worth less than the amount owed on its existing mortgage with their mortgage lender accepting the loss. The homeowner’s mortgage holder must approve the sale. It can take an additional 30 to 90 days to obtain the lender approval for a short sale offer.

For More Information or Ask a Question at our Houston Real Estate Buyer FAQ and our Houston Real Estate Foreclosure FAQ

The post What does it mean if a listing states it is a short sale? appeared first on Houston Real Estate.

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Houston Real Estate Blog by Kevan Pewitt of Houston Prime Realty. Your local Realtor in Houston Texas, offering the current information on Houston real estate, local events, dining, and other happenings in the Greater Houston, Texas area.