Short Sales

[Michael Hood]

I was wondering if the seller typically gets compensated from the buyer in a short sale? If so what is the usual amount that would be given? Is it a good idea to contact the seller in person, or have them contact you?

[Levi T.]

I've never heard of that, it's a short sell because the amount being paid is less than the amount owed, thus the "short" in short sale, so the lender is taking a hear cut on the debt. While it's more favorable than a full on default, it does affect the sellers credit for 7 years.