Silver Lake Short Sales
California, Deals, Echo Park, Foreclosure, Los Feliz, Pricing, Real Estate, Short Sale, Silver Lake | (0)
Silver Lake Short Sales 101:
What is a short sale?
A short sale is when a Seller of real estate owes more on the property than the property is worth. The Seller is upside down on the loan.
Why is it called a short sale?
The Seller is selling their real estate short of what is owed to the bank. For example let's say the Seller purchase the real estate for $500,000 and is now trying to sell it for $350,000, this is very common in a declining market. The Seller is asking the bank to take the $150,000 hit.
Does a short sale take ...