Defining a Quick Sale or a Short Sale in Real Estate
A quick sale,Defining a Quick Sale or a Short Sale in Real Estate Articles also known as a short sale, is a real estate transaction type where property is typically sold for a price that is lower than the actual mortgage owed or amount owed for the mortgage on the property.
With a quick mortgage lending institution approves the proposed owner of the property for sale can continue or conclude the sale of the property. In the past five years this has been a chosen method of sale for hundreds and thousands of properties. Many real estate experts are in agreement that it will continue to be used as a preferred method of selling properties with lenders and homeowners in the current housing market. This term has been previously used in the real estate market, but not to the extent that we are seeing in the existing market for sellers and buyers alike.
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There are situations and circumstances when this transaction method for buying and selling works for all parties involved. For the current real estate market there are quite a few properties where the market value of the property is lower than the amount owed on the mortgage which is the ideal situation for a fast sale.
All parties involved in a fast sale can benefit, this includes the buyer, the seller and the lending institution with the mortgage. This sale way allows all parties to diminish or alleviate their current or estimated losses. Most situations surrounding a quick sale have a seller that is unable to meet their obligation of for the mortgage and foreclosure is generally around the corner. The mortgage lender will typically lose less money by accepting a quick sale than it will lose by proceeding with a foreclosure on the property.
