We recently had a question on our radio show about what is a Short Sale versus a Quick Sale. Both “Short” and “Quick” are terms referring to small measure, but in real estate, they’re not both talking about time.
A Short Sale is when we have to negotiate with the lien holders to accept less than what is owned on the loan. For instance, the house may be worth $100,000 in today’s market, but have a debt of $200,000 on it, thus we have to get the bank to accept an amount of $100,000 short of what is owed.
A Quick Sale refers to a property discounted so that it will move off the market as fast as possible, as in the case with a divorce settlement.
In both situations, the right way to sell the house is to list the property with a Realtor. You have to have a Realtor to market the real estate properly. We have a lot of great local Realtors, like Wendy Sawyer, who know the market, have access to the MLS (Multiple Listing Service) and other tools, and who operate with a professional approach and high ethical standard.
Again, this was a question that came up recently on our radio show, “Land Title Talk,” which airs Wednesday mornings at 8:00 to 9:00 on News Talk 1240 AM WFOY (online at www.1240news.com). If you’d like to join our live discussion with a real estate-related topic, call the station during the show at (904) 797-1919 or send a text to (904) 501-4481.
