A Short Sale is simply when a seller has a mortgage balance that is higher than the home is worth. If the bank agrees to sell the property, then they short sell it and take a loss to stop a bad situation from getting worse. While Northwest Arkansas is definitely not in the shape that most major cities are in, we do have a lot of property owners that are under water. If you are one of those people, don’t wait for a bad situation to get worse. Get it figured out now. Here’s a good little video explaining short sales. Please ignore the barking dog at the end of the video.
n Northwest Arkansas, as of mid December 2009, there are some 180 short sale properties listed on our MLS. This is a fair share of the 7,000 or so properties listed as current so knowing what is going on with short sales can be a great way to get a home for less than current market value.