What is a SHORT SALE?

There has been a great deal of talk today about short sales.  The Naples Board of Realtors has even approved a field for indicating short sales in our Sunshine MLS.  So, just what is a short sale?  A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan.  While this sounds like a win-win situation for everyone involved, short sales do not necessarily work out for everyone.  On this page I have posted links to sites and articles about short sales.  I hope you find these links informative.

National Association of Realtors - A Field Guide to Short Sales

Washington Post - Where Short Sales Stumble

Tampa Bay Online News - Investors Still On Tax Hook

Bankrate.com - 10 Crucial Steps to Short Sale Buying

Naples Daily News - Banks Can't Sell Real Estate

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