short sale? What does it mean??:thanx:D

bank is accepting less than what is owed on it

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.

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:hugehug

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??

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 ;)

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:yes:hugehug:D;)

:cp :cp :cp 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.

i love hgtv

i love hgtv

ME TOO!:yes:D

Yea, I'm an HGTV addict.