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    umad ahmad's Avatar
    umad ahmad Posts: 1, Reputation: 1
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    #1

    Nov 14, 2007, 05:41 PM
    Short sale of homes
    What is Short Sale? And how can I learn the process involved. Thanks.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Nov 14, 2007, 08:34 PM
    You have a home you can't pay the loan on, you try to sell it but can't sell it for more money than you owe to the bank.

    So you get permission from the bank to sell it to someone for less than you owe on it.. You will then pay taxes on the difference from what is owed to what it sells for.

    It is totally up to your bank or loan company to approve or allow it, so between your real estate agent and your bank, there is nothing for you to learn.
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