SHORT SALE What is a short sale? A short sale is when a lender agrees to accept less than the total amount that is owed on a mortgage.  In order for this to happen, a new buyer has to be in place to purchase the property at a price that the lender is willing to accept. When is a short sale an option? Many sellers today find themselves in the unfortunate situation of owing more to their lender than their property is worth; or as we say in the industry, they are "upside down" in their mortgage.  With property market values recently taking a nosedive, more and more property owners find themselves in that situation.  If you refinanced your mortgage or if you purchased a home or an investment property within the past two years, and you are no longer able to make your mortgage payments, you are most likely a good candidate for a short sale. What are the advantages of doing a short sale? The number one advantage of doing a short sale is to save your credit.  The consensus is that a short sale stays on your credit for four years while a foreclosure stays on your credit for seven years.  For additional information, contact Florida Premiere Realty. For confidential interview, click here.