Currently viewing the tag: "term"
Question: What does the term “NTC Trustee Sale” mean with regards to Real Estate transactions ?
I saw this term on a document in the Public records for a piece of residential Real Estate
Answer:
Answer by Joe M
this usually means the property sold as a foreclosure sale
Question: What does the term “Short Sale” mean in the real estate lingo?
Is it a good thing for buyers, os should you avoid them?
Answer:
Answer by MadMan
It is when a property is sold for less than the mortgage owed on it. It takes a long time for the sale to close as the bank has to agree with the price.
Question: what does the term “short sale” mean in real estate?
A friend of mine has 2 properties, one left to him by his parents, the other bought during the height of the real estate boom. He has mortgages on both of them, how can he get out from under without totally losing his shirt?
Answer:
Answer by chatsplas
Short sale means selling for less than the mortgage, meaning for a loss. Seller comes up with the extra to pay off lender, or gets lender to agree to sale. If it is a first mortgage, it should be without recourse, and if he sells it, then he’s done. Some dings in credit, but not like a foreclosure.
If there’s more than one mortgage, need agreement of both lenders, which is harder to get. And the second mortgage remains a personal liability, they can chase him, they can 1099C him, meaning tax consequences.
Question: Does the term “estate sale” imply anything other than whatever is in a house?
I’ve been trying to liquidate the contents of my mother’s house and have been listing it in the classifieds as an estate sale. I have had many people turn angry when they see there are no high-end, Sotheby’s or Christie’s quality items. One man I though was going to hit me. He was shaking his fist and screaming, “When you have something good to sell, let me know!” Don’t people want just household items any more? Why do they assume an estate sale will involve antiques?
Answer:
Answer by limabean
People can be real jerks. What you are having is infact an estate sale. Because people are so abusive; maybe when you advertise you can put “Estate sale of general household goods/items”.
Good luck. Professional garage salers’ are a different breed.