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A couple of days ago the Durango Herald published an article on short sales and what to do if you need to sell but your home is worth less than what you owe on it. One option is something called a “short sale.”

And don’t let the name fool you. This type of sale is complicated and can drag on for months.

So what exactly is a short sale? Here are some questions and answers.

What is a short sale?

A short sale happens when a lender allows a borrower to sell his home for less than what’s owed on the mortgage. The lender usually forgives the difference and considers the debt repaid.

How often do short sales occur?

Short sales now make up about one in every 10 home sales, according to the National Association of Realtors. That’s a lot more than you usually see when the housing market isn’t distressed – in fact, the association doesn’t have historical records on short sales before the current downturn because they were such an insignificant segment of the sales market.

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Call us to discuss listing your home for a short sale or, if you are buying, for a list of properties listed for short sale. Click here for my blog post on how to buy foreclosure properties in Durango, which also talks about buying a short sale (pre foreclosure) or a bank owned property (post foreclosure).

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