{"id":98347,"date":"2025-07-18T09:02:43","date_gmt":"2025-07-18T16:02:43","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=98347"},"modified":"2025-07-18T10:14:02","modified_gmt":"2025-07-18T17:14:02","slug":"how-to-buy-a-short-sale-home","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/how-to-buy-a-short-sale-home\/","title":{"rendered":"What is a Short Sale in Real Estate? A Guide for Buyers and Sellers"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A common real estate term you\u2019ve probably seen, whether you\u2019re buying or <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-sell-your-house\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">selling a home<\/span><\/a><span style=\"font-weight: 400;\">, is a \u201cshort sale.\u201d A short sale home can be a good way to stretch your budget if you\u2019re a buyer or let go of a home you can no longer afford if you\u2019re a seller.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this Redfin article, we\u2019ll cover the basics of selling or buying a short sale home. Whether you\u2019re looking at <\/span><a href=\"https:\/\/www.redfin.com\/city\/3105\/NC\/Charlotte\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">homes in Charlotte, NC<\/span><\/a><span style=\"font-weight: 400;\">, or need to sell your <\/span><a href=\"https:\/\/www.redfin.com\/city\/15502\/PA\/Philadelphia\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">house in Philadelphia, PA<\/span><\/a><span style=\"font-weight: 400;\">, we\u2019ll help you decide if a short sale is worth the extra time and effort.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Key takeaways<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A short sale happens when a homeowner sells for less than they owe on the mortgage.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>For sellers<\/b><span style=\"font-weight: 400;\">, a short sale has to be approved in advance by the lender.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>For buyers<\/b><span style=\"font-weight: 400;\">, a short sale can take up to a year, but you may get a good home for less.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">What is a short sale?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A short sale happens when a homeowner sells their home for less than what is owed on the mortgage. The process has to be authorized by the mortgage lender. A short sale typically occurs when the current value of a home is lower than the outstanding balance on the loan, or the homeowner is at risk of foreclosure due to unpaid mortgage payments.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, if a homeowner has an outstanding mortgage balance of $400,000 and the <\/span><a href=\"https:\/\/www.redfin.com\/us-housing-market\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">current market value<\/span><\/a><span style=\"font-weight: 400;\"> of the home is $350,000, they would be short $50,000. That\u2019s where the term \u2018short sale\u2019 comes from.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All proceeds from the sale go to the lender. It depends on the lender or bank whether the seller will owe additional debt repayment.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Short sale vs foreclosure<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Short sales and <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-buy-a-foreclosed-home\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">foreclosures<\/span><\/a><span style=\"font-weight: 400;\"> are two processes that may happen when a person can no longer pay their mortgage. However, they have key differences:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Short sale<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The homeowner<\/b><span style=\"font-weight: 400;\"> initiates the short sale by submitting financial information to their lender, who approves the short sale. Often, homeowners do this to avoid foreclosure.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The owner <\/b><span style=\"font-weight: 400;\">will begin the <\/span><a href=\"https:\/\/www.redfin.com\/guides\/sell\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home selling process<\/span><\/a><span style=\"font-weight: 400;\"> with a real estate agent after their lender approves the short sale.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Short sales<\/b><span style=\"font-weight: 400;\"> negatively impact the owner\u2019s credit score, but don\u2019t prevent them from getting another mortgage.\u00a0<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Foreclosure<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The lender <\/b><span style=\"font-weight: 400;\">seizes the property as a result of failure to pay the mortgage. There are often many attempts to rectify the situation before the foreclosure process begins. Typically, this is the last option for a homeowner.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The lender or bank<\/b><span style=\"font-weight: 400;\"> takes possession of the property and sells it.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Foreclosures <\/b><span style=\"font-weight: 400;\">also negatively impact the owner\u2019s credit score and often prevent them from getting another mortgage for some time.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">How to buy a short sale property\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are several factors to consider when buying a short sale home. Here\u2019s what to expect as a potential buyer:<\/span><\/p>\n<div class=\"ast-oembed-container \" style=\"height: 100%;\"><iframe title=\"Short Sales: What to Expect as a Homebuyer #shorts #buyingahome\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/BNLWrah0A0A?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<h3><span style=\"font-weight: 400;\">1. Prepare for a long timeline<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Expect the entire short sale process to take up to a year from the time an offer is submitted to when you actually take possession of the home. Although it\u2019s possible for a short sale to close in as little as a few weeks, it\u2019s important to be realistic about the timeline.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Find an experienced real estate agent<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Buying a short sale home requires help from a qualified <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">real estate agent<\/span><\/a> <span style=\"font-weight: 400;\">who understands all aspects of the process, including how a short sale works for the seller and the homebuyer. Experienced agents can navigate the complexities of dealing with lenders, accurately assess the property\u2019s potential value, and manage buyer expectations regarding timelines and roadblocks.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. Submit a strong offer with comps<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As a buyer, if you\u2019ve viewed a short sale home you\u2019d like to purchase, your agent will need to write an offer that\u2019s presented to the seller\u2019s mortgage lender. The offer letter must include a list of <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-find-real-estate-comps-in-my-area\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">comparable sales<\/span><\/a><span style=\"font-weight: 400;\">. The lender will want to make sure the home sells for a price that\u2019s close to market value, as they are usually losing money on the transaction.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once your agent has submitted your offer package to the bank, it can take up to 30 days for the bank to acknowledge receipt. A negotiator is assigned within the next 30 days, and in some cases, a second negotiator may be added to the file.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">4. Wait for lender approval\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The conventional homebuying process involves negotiations between the buyers\u2019 agent and the home sellers. With a short sale, the lender has the final say in whether or not an offer to purchase is accepted. They\u2019ll review your offer, assign a negotiator, and ultimately approve, reject, or counter your offer. This step can take 30 to 60+ days.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Pros and cons of buying a short sale house<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are a number of pros and cons to consider when buying a short sale. Let\u2019s take a look at them:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Pros of buying a short sale<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Buy a great home for less:<\/b><span style=\"font-weight: 400;\"> One of the biggest advantages of buying a short sale property is the potential of owning a great home for a lower price. Lenders or banks are often more interested in selling the home for market value than making a profit.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Less risk than buying a foreclosure: <\/b><span style=\"font-weight: 400;\">Typically, there\u2019s less risk involved in buying a short sale than a foreclosure. Buyers can usually request a <\/span><a href=\"https:\/\/www.redfin.com\/blog\/home-inspection\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home inspection<\/span><\/a><span style=\"font-weight: 400;\"> with a short sale, unlike a foreclosure, where banks don\u2019t have to disclose information about the property.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fewer competition with other buyers: <\/b><span style=\"font-weight: 400;\">Short sales often take a long time, so buyers looking to move quickly often aren\u2019t interested in them.\u00a0<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Cons of buying a short sale<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Long timeline:<\/b><span style=\"font-weight: 400;\"> Due to the lender\u2019s heavy involvement with the process, short sales often take months to a year to complete<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Property\u2019s condition:<\/b> <span style=\"font-weight: 400;\">The price may not be worth it if the homeowner has been unable to maintain the property, and the home requires major repairs. These properties are also usually <\/span><a href=\"https:\/\/www.redfin.com\/blog\/should-you-buy-a-house-as-is\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">sold as-is<\/span><\/a><span style=\"font-weight: 400;\">, so pre-listing repairs are often not completed.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Additional upfront work:<\/b><span style=\"font-weight: 400;\"> Typically, the buyer may need to do additional work to understand the <\/span><a href=\"https:\/\/www.redfin.com\/what-is-my-home-worth\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home\u2019s value<\/span><\/a><span style=\"font-weight: 400;\">, checking for liens, and identifying any major structural issues with the home. Seth Williams, founder of <\/span><a href=\"http:\/\/retipster.com\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><i><span style=\"font-weight: 400;\">REtipster<\/span><\/i><\/a><span style=\"font-weight: 400;\">, advises buyers to expect delays and, \u201cUse that extra time to dig deep into property details, title issues, and inspection reports.\u201d<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">How does a short sale work for the seller?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Each mortgage lender has their own short sale criteria. In general, lenders will consider allowing a short sale if:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The market value of the home has dropped<\/b><span style=\"font-weight: 400;\"> based on recently completed sales of comparable homes in the area.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The homeowner is close to defaulting on their mortgage<\/b><span style=\"font-weight: 400;\">, and they have no assets that can be used to cover their mortgage payments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The homeowner has experienced a <\/b><a href=\"https:\/\/www.nolo.com\/legal-encyclopedia\/short-sale-hardship-letters.html\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><b>qualifying hardship<\/b><\/a><span style=\"font-weight: 400;\"> that prevents them from paying the difference between the mortgage balance and the market value now or in the future.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Sellers typically need to attest that they have a qualifying hardship in the form of a letter that explains their circumstances. This letter may need to be an affidavit, provided with documents to verify the facts surrounding the reason for a short sale.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When it comes to navigating the short sale process, Daniel Apke, founder of <\/span><a href=\"http:\/\/landinvestingonline.com\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">Land Investing Online<\/span><\/a><span style=\"font-weight: 400;\">, advises, \u201cFor sellers, presenting a complete, well-documented short sale package to the lender can help expedite approval and improve the chances of a smooth closing.\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Pros and cons of a short sale for sellers<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are also pros and cons to having a short sale as a seller. Here\u2019s what to consider:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Pros of a short sale for sellers<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Preventing foreclosure:<\/b><span style=\"font-weight: 400;\"> One of the biggest benefits of a short sale is preventing the home from going into foreclosure. Foreclosure can lead to long-term impacts on credit score and <\/span><span style=\"font-weight: 400;\">the ability to gain another mortgage.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Potential debt payoff: <\/b><span style=\"font-weight: 400;\">When the buyer purchases the home, the seller\u2019s debt may be forgiven. It depends on the lender whether the seller will owe additional money once the sale has gone through.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Ability to finance your next home:<\/b><span style=\"font-weight: 400;\"> With a short sale, you have the ability to get an FHA loan as your next mortgage loan.\u00a0<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Cons of a short sale for sellers<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>No proceeds or room for negotiation: <\/b><span style=\"font-weight: 400;\">Since the seller owes money on the home, they won\u2019t receive any of the proceeds from the sale. Additionally, they won\u2019t be able to negotiate the sale price.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Credit score implications:<\/b><span style=\"font-weight: 400;\"> Short sales can cause damage to the sellers\u2019 credit score, although often much less damage than with a foreclosure.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Delay in getting a mortgage:<\/b><span style=\"font-weight: 400;\"> There\u2019s often a waiting period, 2 to 7 years, before a seller can apply for a traditional mortgage. However, they can often qualify for an FHA loan.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Additional debt repayments:<\/b><span style=\"font-weight: 400;\"> If the sale of the home doesn\u2019t cover the debt the seller owes, the lender may sue the seller. This is called a deficiency judgment, but it\u2019s not legal in all states.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Is a short sale right for you?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Whether you\u2019re looking to buy a short sale or need a short sale to sell your home, it comes down to your circumstances. As a buyer, if you have the time to wait for the short sale process to complete, it may be a good opportunity to buy a home at a lower price. As a seller, a short sale may be the right option for you to avoid foreclosure and be able to repay your debts.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Short sale homes may take additional time to buy or sell, but may help you in the long run. Find out everything you need to know about a short sale.<\/p>\n","protected":false},"author":537,"featured_media":88176,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34276],"tags":[34529,34617],"coauthors":[33440],"class_list":["post-98347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","tag-buying-faq","tag-home-buying-process"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is a Short Sale? A Guide for Buyers and Sellers | Redfin<\/title>\n<meta name=\"description\" content=\"Short sale homes may take additional time to buy or sell, but may help you in the long run. Find out everything you need to know about a short sale.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/how-to-buy-a-short-sale-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a Short Sale in Real Estate? A Guide for Buyers and Sellers\" \/>\n<meta property=\"og:description\" content=\"Short sale homes may take additional time to buy or sell, but may help you in the long run. 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