It is important to know your options with the amount of houses going up for foreclosure everyday and the economy the way it is. Doing a short sale on your house is one option.Below you will find all you need to know about this great option.A real estate short sale is when because of an economic hardship that you are facing the bank or mortgage lender agrees to discount your loan balance. What happens is you sell your mortgaged property for less than you owe on the loan, and turn the money over to the lender which will fulfill your debt.In some situations though the lender has the right to approve or disapprove of the sale. Some of those situations are if the current real estate market is down, the lender will not approve the sale because they will make less money than they could. Also the lender may not approve the sale depending on your personal financial situation.The reason many choose to do a short sale is because it prevents a home foreclosure. Many banks consider this a good option because typically these sales result in a smaller financial loss than a foreclosure. The advantages to a home owner […]

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