What is a Short Sale?

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When you owe more on your home than it’s worth you may want to do a short sale. In a short sale the bank forgives some of what you owe them. It’s more cost-effective for a bank to do a short sale than foreclose on a home.

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18 comments to What is a Short Sale?

  • DayTradersWin  says:

    Invitation -- friend and subscribe to my channel -- hot day trading videos to come

  • FoolishInTheEnd  says:

    how do people owe more on the loan than the property itself? it just doesnt seem to make sense,

  • HiltonHeadJR  says:

    What type of video software or service do you use? I like it!

  • estepanyuk  says:

    Great Video, I love short sales :))))

  • stopmyforeclosure101  says:

    Hey I know someone that can maybe give you some answers! Check him out at wwwhampghcom

  • UnitedPetition  says:

    what they don’t tell you is that when you short sale a property. The loss will be considered income. They send you a 1099 misc income statement. Then you will owe the taxes to the federal government. Taxes can not be discharged in a bankruptcy. Meaning you will owe them those taxes for the rest of your life. It is all one more scam

  • demolitionbarbiedoll  says:

    hi! Just a simple question, I came upon a home in Florida that originally went on the market for $149,000.00, now its at short sale for $49,000.00 -- what is the guidelines is far as value when making an offer m- would it be smart to ffer 60,000? or more? So you make sure you get the home -- or offer lets say, 50,000? Or less?

  • WannaTalkMoney  says:

    Nice Video

  • 1uneek  says:

    Short sales are a headache and banks play too many games. You will wait and wait for an answer for months while you lose out on other deals. Dont expect them to follow your offer. They make their own rules. Beware.

  • tubeitnice  says:

    I just watched the video that you have suggested and let me tell you it was a best and most informative tip ever. Very good suggestion. Thank you once again. :)

  • ExpertRealEstateTips  says:

    @tubeitnice thanks for watching and commenting. Don’t forget to watch the other short sale videos like “Pricing a Foreclosure or Short Sale”

  • tubeitnice  says:

    I wish I could find a broker like you to go work for. Very good explanation. Keep up a good work!

  • SharMess  says:

    FYI I totaled up ALL the money I paid over the 18 years on a mortgage! I’m not including all the money I spent on maintainance (like the roof, the water heater, the forced air system, the landscaping, the garbage disposal, the sinks, the flooring, the carpeting, the garage door opener, the new fense, paint, wallpaper etc…..). If I had put this money in savings, I believe I’d have much more money!!
    I’m glad I had my 3 houses, but I didn’t MAKE any money : (

  • SharMess  says:

    FYI I totaled up ALL the money I paid over the 18 years on a mortgage! I’m not including all the money I spent on maintainance (like the roof, the water heater, the forced air system, the landscaping, the garbage disposal, the sinks, the flooring, the carpeting, the garage door opener, the new fense, paint, wallpaper etc…..). If I had put this money in savings, I believe I’d have much more money!!
    I’m glad I had my 3 houses, but I didn’t MAKE any money : (

  • ExpertRealEstateTips  says:

    Thanks so much for the compliment, @REAHoldingsGroup1. Ilyce

  • REAHoldingsGroup1  says:

    Great video! Very informative. Keep up the great work in helping people in their stressful situations!

  • DrewDownsManagement  says:

    Nice vid! We are also marketing properties on YouTube and hope to create a huge network of many entrepreneurs and perhaps we can work together at some point. Your video get’s a 5 star rating from us…we hope you feel the same about our videos. Check us out “drew downs management”

  • RobertGary1  says:

    I wish they would have used a better term than “short sale”. In the finance world “short” means that you sell something you don’t own, then buy it back (hopefully at a lower price) when you have to give it back. We short stocks all the time.

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