Over the last few years you may have heard the term "Short Sale"  What exactly is a Short Sale?

A homeowner is "short" when:

When a borrower owes an amount on his property that when combined with closing costs and commission is higher than current market value/

A Short Sale occurs when:

A negotiation is entered into with the homeowner's mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is "sold short".

I have done several of the short sales over the past few years, however with the market trends pointing in the direction of more and more of these situations, I am in the process of obtaining  the Certified Distressed Property Expert designation. I will have the CDPE by the end of October. You can visit tham at http://www.distressedpropertyinstitute.com/

The process sounds easy enough however this is an involved process that takes time, patience, good communication skills, organization and professionalism.

If you, or someone you know may be in the position of having to sell "short" please consider using a real estate professional who has the expertise to handle the situation. The CDPE would be a great start.

*Some of this information was taken from the CDPE field manual.