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Status Explanations Active - available for purchase. In Escrow (Active Continue to Show) - just went into escrow. Not available to purchase but might take a backup offer in case it falls out of escrow. The official status is Active Continue to Show but GuruRE calls this status In Escrow because it is no longer Active. Pending - In escrow and probably not falling out of escrow. This status is further along in the escrow process then the In Escrow status above. Sold - this will show the sold date and amount. Expired, Expired Pending, and Expired Continue to Show - the listing contract expired and it was not sold. Many times you will see a property Expired and then listed again under a new MLS number. Expired Pending and Expired Continue to Show just show the last status it was in when it expired. To check if the property has been listed again click the History link. Withdrawn, Temporarily Withdrawn - taken off the market. Many times you will see a property Withdrawn and then listed again under a new MLS number. Short Sale In real estate, a short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. In short; A short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. Lenders have a department (typically called a loss mitigation department) which processes potential short sale transactions. Foreclosure The mortgage holder can usually initiate foreclosure anytime after a default on the mortgage. Within the United States, several types of foreclosure exist. Two are widely used, with the rest being possibilities in a few states. The most important type of foreclosure is foreclosure by judicial sale. This is available in every state and is the required method in many. It involves the sale of the mortgaged property done under the supervision of a court, with the proceeds going first to satisfy the mortgage, and then to satisfy other lien holders, and finally to the mortgagor. Because it is a legal action, all the proper parties must be notified of the foreclosure, and there will be both pleadings and some sort of judicial decision, usually after a short trial. The second type of foreclosure, foreclosure by power of sale, involves the sale of the property by the mortgage holder not through the supervision of a court. Where it is available, foreclosure by power of sale is generally a more expedient way of foreclosing on a property than foreclosure by judicial sale. The majority of states allow this method of foreclosure. Again, proceeds from the sale go first to the mortgage holder, then to other lien holders, and finally to the mortgagor. |