Agent

What is a ‘short sale?’

Tips on handling foreclosure and pre-foreclosure situations

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DEAR BOB: Our house is in the foreclosure process. Due to my husband's unemployment and disability, we can't afford the mortgage payments and are now two months behind. We have received several offers from investors who want to buy our house. And we want to sell because chances of finding a good paying job in our area are slim to none. My brother has offered my husband a good job in a distant city but first we have to deal with our house. The problem is it is worth less than the mortgage balance. The result is nobody will buy it until after the bank forecloses. We talked with a Realtor about listing it for sale, but when he found out our mortgage balance, he said "No way." His estimate of our market value is about $10,000 below our mortgage balance. He suggests a "short sale" and insists on the lender's approval before he will accept our listing. What is a "short sale" and is it good or bad for us? – Kathryn H. DEAR KATHRYN: A "short sale" is when you ask the lender to accept les...