A short sale is pre foreclosed property. The owner of the home has had a hardship of some kind and is unable to keep up with the mortgage payments. The home owner needs to sell, unfotunately like many home owners in Salt Lake City they are upside down on the mortgage and owe more on the note than the home is worth. When this happens they are unable to sell the home for what is owed and needs to sell the home short of the amount due to payoff the mortgage. Most times the home owner does not have the abiliy to pay the difference on what is owed and can not sell. That is when a Short Sale may be the home owners best option.
When conducting a Short Sale, We as agents will list and market the home and negotiate with the banks so that they agree to take Short of what is owed on the note and pay for all the commissions and realtor fees. Therefore not costing the homeowner anything for selling the home and negotiating with the bank. Most times the difference in what was owed and what it sold for is forgiven by the banks. Other insentives to home owners may be available. Each case is different.
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