What is a Short Sale?

A short sale is one where the title to real estate has transferred; where the sales price was insufficient to pay the total of all liens and costs of sale; where the seller did not bring sufficient liquid assets to the closing to cure all deficiencies and the seller’s mortgage lender(s) agrees to accept a payoff of less than the balance due on the loan.

How is Bank Owned different from a Short Sale?

REO stands for Real Estate Owned (by the bank). This occurs after the foreclosure sale date, as established by the public trustee, and title is transferred to the bank. Other terms used are Bank Owned, Lender Owned and Foreclosure

About  ShortSaleResource.net

ShortSaleResource.net is an informational website & BLOG produced and maintained by Danyliw & Associates REALTORS®. 

Our hope is to give you a complete overview of the “short sale”.  We’ll look at it from both the sellers and buyers perspective well as the lenders perspective. 

We are REALTORS and we are not here to give you legal advice.  Local laws and rules will vary, consult legal and or tax council as needed