What is a Short Sale? â€” The Phoenix Real Estate Guy – phoenixrealestateguy.com
Short sale is an alternative to foreclosure on a property. Basically the owner would negotiate with the mortgage lender to work out this deal: I (the owner) will sell the home for less than the amount I owe you, and you agree to forgive the rest of the loan. This benefits the bank, the owner and the buyer. However there are things need to watch for.
WAIT IT LIKE BECKETT: I don't think the 30-year fixed is going to fall below 5 percent, and it's foolish to delay a refinance on the theory that rates will drop that low.