Davidson Realty, Inc.

What is a Short Sale?

September 23, 2009

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Posted by in Distressed Properties, News, Short Sales

Short Sales Defined“Short sale” is a term I have heard a lot lately. I knew it referred to when a home owner sold their house for less than what they owed on it – with the lender’s approval. But I wasn’t exactly sure how it worked. So, when I was having coffee with Mirtha Barzaga – a Realtor at Davidson Realty, who is a Certified Distressed Property Expert (CDPE) and sells real estate and foreclosures in Jacksonville – I asked her about it.

She told me a story about a recent transaction she had done with her teammates, Juana Hausted and Pauline Cake, to show me how it works with the help of a professional. A Navy officer couple came to her when they were transferred from Florida to Virginia. They had bought a house they loved in World Golf Village three years ago, but the housing allowance wasn’t enough to keep it after their move. Mirtha explained they tried to modify their loan Read more

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