Definition of a Short Sale?

[teaboy]

The wikipedia definition: A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.
http://en.wikipedia.org/wiki/Short_sale_(real_estate)

Per this definition, is it fair to surmise that a Real Estate sale cannot be confirm as a Short Sale until after it has sold?

Case in point: The listing at 8832 POLANCO SAN DIEGO, CA 92129, MLS#: 090043921.

It appears that the owner has missed one or more payments on their primary mortgage, which is #100k+ less than the FMV of the property. If so, would this be a Short Sales or not? Would other debts secured on the property (e.g. tax debts) be a factor?
Would other debts not secured on the property (e.g. credit card debt) be a factor?

TB

[urbanrealtor]

If all liens and fees total more than the sale price, then it could be a short.

Sometimes sale price is below FMV (especially for shorts).

If the seller is behind on payments but has equity, then it is a distress sale, not a short sale.

By definition, no lender approval would be required.

[urbanrealtor]

If all liens and fees total more than the sale price, then it could be a short.

Sometimes sale price is below FMV (especially for shorts).

If the seller is behind on payments but has equity, then it is a distress sale, not a short sale.

By definition, no lender approval would be required.

[urbanrealtor]

If all liens and fees total more than the sale price, then it could be a short.

Sometimes sale price is below FMV (especially for shorts).

If the seller is behind on payments but has equity, then it is a distress sale, not a short sale.

By definition, no lender approval would be required.

[urbanrealtor]

If all liens and fees total more than the sale price, then it could be a short.

Sometimes sale price is below FMV (especially for shorts).

If the seller is behind on payments but has equity, then it is a distress sale, not a short sale.

By definition, no lender approval would be required.

[urbanrealtor]

If all liens and fees total more than the sale price, then it could be a short.

Sometimes sale price is below FMV (especially for shorts).

If the seller is behind on payments but has equity, then it is a distress sale, not a short sale.

By definition, no lender approval would be required.

[urbanrealtor]

Liens could include secure debt.

Unsecured debt should not be a factor unless a judgement attaches them to the property.

[urbanrealtor]

Liens could include secure debt.

Unsecured debt should not be a factor unless a judgement attaches them to the property.

[urbanrealtor]

Liens could include secure debt.

Unsecured debt should not be a factor unless a judgement attaches them to the property.

[urbanrealtor]

Liens could include secure debt.

Unsecured debt should not be a factor unless a judgement attaches them to the property.

[urbanrealtor]

Liens could include secure debt.

Unsecured debt should not be a factor unless a judgement attaches them to the property.

[teaboy]

Thanks, UR.
The wikipedia definition: A Forced Sale of Real Estate is an action taken in a civil court forcing the owners to sell the property at issue and divide the profits. The profits are divided, generally under a reliance damages theory, that would best restore the owners to the position they would have been in had the contract never been entered into.
http://en.wikipedia.org/wiki/Distress_sale

So is the above property a Short Sale or Distress Sale?

TB

[teaboy]

Thanks, UR.
The wikipedia definition: A Forced Sale of Real Estate is an action taken in a civil court forcing the owners to sell the property at issue and divide the profits. The profits are divided, generally under a reliance damages theory, that would best restore the owners to the position they would have been in had the contract never been entered into.
http://en.wikipedia.org/wiki/Distress_sale

So is the above property a Short Sale or Distress Sale?

TB

[teaboy]

Thanks, UR.
The wikipedia definition: A Forced Sale of Real Estate is an action taken in a civil court forcing the owners to sell the property at issue and divide the profits. The profits are divided, generally under a reliance damages theory, that would best restore the owners to the position they would have been in had the contract never been entered into.
http://en.wikipedia.org/wiki/Distress_sale

So is the above property a Short Sale or Distress Sale?

TB

[teaboy]

Thanks, UR.
The wikipedia definition: A Forced Sale of Real Estate is an action taken in a civil court forcing the owners to sell the property at issue and divide the profits. The profits are divided, generally under a reliance damages theory, that would best restore the owners to the position they would have been in had the contract never been entered into.
http://en.wikipedia.org/wiki/Distress_sale

So is the above property a Short Sale or Distress Sale?

TB

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