Short sale? (documentation, agent, mortgage, mortgage company)

[countrypooh4]

What is it and how is this different from a regular sale?

[shellytc]

A short sale is when you sell your property for less than you owe on it. You will need the lender to agree to the short sale, but they will only agree when you have an offer. You also need additional documentation to accompany the offer that the bank (mortg. company) will want to review in making their decision. If you are considering a short sale, please use a a real estate agent that is well versed in Short Sales. It really will be in your best interest.

shelly

[WendyK]

It's only a short sale if you don't have the means to make up the difference due to your mortgage lender at time of sale. You can pay the difference and it won't affect your credit like a short sale will. Or you might be able to work out a repayment plan with the mortgage company. They will want complete financial information on you before approving a short sale to know whether or not you qualify.