Is a short sale a good idea? if yes, does it really take forever?

Question

Is a short sale a good idea? if yes, does it really take forever?

Answer 1

A short sale means that you are asking the bank to allow you to sell the property to someone else for less than what you owe the bank, so you'll come up "short" on repaying the mortgage when title transfers.

If you can't continue to pay the mortgage, a short sale can be a reasonable deal for the bank, because they know how much they will get for their lien, they can get your loan off their books sooner, and it's a lot less hassle than doing a foreclosure.

In your case, it will be a mark against your credit, but not something you can't overcome.  How long it takes for the bank to make up it's mind, is how comfortable they are with the settled price and how much staff they have to handle all the short sales they're dealing with.  You never know how long it will take until you start the process.

Answer 2

* Short Selling(finance) - the seller does not own a security that he sells

    * Short sale (real estate) - the lender allows a property to be sold for less than the amount owed on a mortgage and takes a loss

It is good idea in finance ,if u know security price decreases.