A short sale is when a home owner is selling their home for less than what they owe on it. For example if a homeowner owes $165,000 and the house sells for $100,000, they are "short" $65,000 to fully pay off the loan. In most cases, the bank will accept the $100,000 as repayment of the loan.

One thing to know is there is nothing short about a short sale! They take a long time and the process is slow. The banks do not just agree to the buyers offer, many months can go by before the bank agree's and so you have to be very patient and willing to hang in there for the long haul if you are going for a short sale. you can get a great deal, but it may not come quick.

Scott Mortgage has been helping several families who are in dire need of selling their homes short. I work with a few realtors who specialize in these and would be happy to assist you.

That goes the same for buyers, these homes can be obtained for less than their current value. Tell us what you are looking for, and we may have a match for you.